Answer :
The amount paid by Frank to the agency equals $1,487.50.
What is meant by an agency?
Agency is referring to an entity that provides the services on behalf of the principal entity.
Given values:
Frank's Annual income: $51,000
Agency Income ratio: 35% of one month's income of Frank
Computation of Agency Income:
[tex]\rm\ Agency \rm\ Income=\frac{\rm\ Annual \rm\ Income}{\rm\ Number \rm\ of \rm\ months} \times \rm\ Agency \rm\ Income \rm\ Ratio\\\\\rm\ Agency \rm\ Income=\frac{\$51,000}{12}\times 35\%\\\rm\ Agency \rm\ Income=\$1,487.50[/tex]
Therefore, the amount of $14,87.50 should be paid by Frank to the agency.
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