General Mathematics Test

Annika borrowed money from a bank to be used for the expansion of her business amounting to ₱500 000 at 9% interest compounded semi-annually. It is to be repaid by equal payments of ₱38 438.07 every 6 months for 10 years. What is the outstanding balance after 2 years?

• ₱431 813.88

• ₱421 813.88

• ₱431 713.88

• ₱421 613.88

Tony borrowed ₱100 000 in a bank to finance his new business venture. How much interest will Tony pay if the bank charged him a 4% simple interest rate for the loan payable in two years?

• ₱8 000

• ₱8 200

• ₱7 000

• ₱7 200

Vivian borrowed an amount of ₱45 000 from a lending institution to finance her small business. If the loan will be paid in 30 months at a simple interest rate of 7.25%, how much will Vivian pay?

• 𝑀 = 52 135.15

• 𝑀 = 53 156.25

• 𝑀 = 33 146.25

• 𝑀 = 45 126.25

Jeff borrowed ₱20 000 at 8% compounded quarterly for a year. Determine the amount Jeff has to pay at the end of the loan term. The problem asks for the final amount to be paid, which is the compound amount.

• ₱21 648.64

• ₱11 585.23

• ₱25 845.24

• ₱22 658.33

Janella buys a new phone that costs ₱17 203.94. The mode of payment is installment for one year. She agrees to pay ₱1 500 every beginning of the month that charges 10% interest rate compounded monthly. Using the formula PVAD=R1-(1+i)1-ni+1, compute its present value.

• ₱15 102.65

• ₱17 203.94

• ₱27 342.23

• ₱16 302.49

Using the formula PVdef=R1+i-d-1+i-p+di, find the present value of a deferred annuity of ₱600 every three months for 6 years that is deferred for 4 years, if money is worth 8% compounded quarterly. Where d=16, R=600, r=0.08, m=4 and p=24.

• ₱8 266.66

• ₱6 255.55

• ₱7 288.88

• ₱9 344.44

What operation will be used in this situation: A person borrowed P1,200,000 for the purchase of a car. If his monthly payment is P31,000 on a 5-year mortgage, find the total amount of interest?

• Division

• Multiplication

• Multiplication and Addition

• Multiplication and Subtraction

What kind of interest earns more for every succeeding period?

• complex

• compound

• mixed

• simple

Which of the following situations illustrates the use of simple interest?

• Molly pays an increasing rate of interest for her bank loan.

• Miko pays different amounts of interest each period for his car loan.

• Mark pays PhP400 a month for 6 months as interest for his bank loan.

• Manuel pays PhP120, PhP134, and PhP151 as interest for his personal loan.

What interest is computed on the principal and on the accumulated past interests?

• Annuity

• Bonds

• Compound Interest

• Simple Interest