Question

3. José Rodriguez recently sold 1,320 shares of oil stock for$31.70 per share plus a commission of $29.95 plus $0.03 pershare. He paid a total of $56,166.00 for the stock.a. What was the amount of the sale?b. What was the selling commission?c. What was the net sale?d. What was the profit or loss?

Answer 1

$Amountofsale=1,320(31.70)=41,844$$\begin{gathered} Sellincommission=29.95+0.03(1320) \\ Sellingcommision=29.95+39.6=69.55 \end{gathered}$$Netsale=41,844\text{ - 69.55= 41,744.45}$$\begin{gathered} Loss=41,744.45\text{ - 56,166.00} \\ Loss=\text{ - }14,421.55 \end{gathered}$