The formula to calculate the total pay with a 1.5x pay rate is:
\[ \text{TotalPay} = HR \times HW \times 1.5 \]
Where:
1.5x pay, often referred to as “time and a half,” is a pay rate that is 1.5 times the regular hourly rate. This increased rate is commonly used for overtime work, where employees are compensated at a higher rate for hours worked beyond their standard work schedule. For example, if an employee’s regular hourly rate is $20, their 1.5x pay rate would be $30 per hour for overtime hours.
Let's say you have an hourly rate of $20 and you worked 10 hours of overtime. Using the formula:
\[ \text{TotalPay} = 20 \times 10 \times 1.5 \]
We get:
\[ \text{TotalPay} = 300 \text{ dollars} \]
So, the total pay for 10 hours of overtime at a 1.5x rate would be $300.
Definition: The 1 percent rule is a guideline used by real estate investors to determine if a property is a good investment.
Formula: \( \text{Monthly Rent} \geq 0.01 \times \text{Purchase Price} \)
Example: \( \text{Monthly Rent} = 0.01 \times 200,000 \)
Definition: Calculating 1 percent of a number involves multiplying the number by 0.01.
Formula: \( \text{1 Percent} = 0.01 \times \text{Number} \)
Example: \( \text{1 Percent} = 0.01 \times 500 \)
Definition: To find 1 percent of a number, multiply the number by 0.01.
Formula: \( \text{1 Percent} = 0.01 \times \text{Number} \)
Example: \( \text{1 Percent} = 0.01 \times 750 \)
