Summative Test 1: Simple and compound interest

Front

Find the present value of ₱12,850.00 due in 3 years if the interest rate is 6% compounded monthly.

Back

₱10,738.04.

Front

Jerry borrowed ₱4,000 for 5 years at 6% simple interest rate. How much interest is that?

Back

₱1,200

Front

Julie borrowed ₱3,500 for 3 years at 7½% simple interest rate. How much interest is that?

Back

₱787.50

Front

Ann puts ₱300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?

Back

₱12

Front

Emilio borrows ₱1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

Back

₱1392

Front

A bank offers 1.5% annual simple interest rate for a particular deposit. How much interest will be earned if 1 million pesos is deposited in this savings account for 1 year?

Back

₱15,000.00

Front

Present value of ₱150,000 due in 10 years at 10% compounded annually?

Back

₱57,831.49

Front

Principal = ₱800

Interest Rate = 3.5%

Time = 6 months

Find the interest earned.

Back

14

Front

You lend ₱240 to your friend. He pays you back ₱30 in interest in one year. What interest rate did you charge your friend?

Back

12.5%

Front

Find the compound interest if ₱20 000.00 is compounded annually at an interest rate of 3% in 5 years.

Back

₱3 185.48