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Econ 1

A 300 peso loan charged 12% simple interest. After 3 years, the amount that will be repaid is approximately 564 dollars. A 5000 peso loan at 16% interest for 75 days will result in an amount due of around 5166 pesos. A 2000 peso loan at 5% simple discount will have an amount due of around 2233 pesos after 15 months.

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josieth santos
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130 views1 page

Econ 1

A 300 peso loan charged 12% simple interest. After 3 years, the amount that will be repaid is approximately 564 dollars. A 5000 peso loan at 16% interest for 75 days will result in an amount due of around 5166 pesos. A 2000 peso loan at 5% simple discount will have an amount due of around 2233 pesos after 15 months.

Uploaded by

josieth santos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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1.

A bank charges 12% simple interest on a future amount is due at the end of the loan
P300.00 loan. How much will be repaid if the period?
load is paid back in one lump sum after three
years? a) P5637.50
a) P408.00 b) P5900.90
b) P415.00 c) P5937.50
c) P551.00 d) P5842.54
d) P450.00
7. If you borrowed money from your friend with
simple interest of 12%, find the present worth of
2. P5,000 is borrowed for 75 days at 16% per P50000 which is due at the end of 7 months.
annum simple interest. How much will be due at
the end of 75 days? a) P46200
b) P44893
a) P6167.30 c) P46730
b) P5164.38 d) P47789
c) P5166.67
d) P6666.67
8. In buying a computer disk, the buyer was
offered the options of paying P250 cash at the
3. Find the amount due at the end of 15 months end of 30 days or P270 at the end of 120 days.
whose present value is P2000 at 5% simple At what rate is the buyer paying simple interest if
discount. he agree to pay at the end of 120 days.

a) P2133.33 a) 32%
b) P2313.12 b) 40%
c) P2233.23 c) 28%
d) P2333.22 d) 25%

4. A loan was made 3 years and 4 months ago 9. A man borrowed from a bank under a
at 6% simple interest. The principal amount of promissory note that he signed in the amount of
the loan has just been repaid along with P800 of P25, 000.00 for a period of one year. He
interest. Compute the principal amount of the received only the amount of P21, 915.00 after
original loan. the bank collected the advance interest and an
additional amount of P85.00 for notarial and
a) P4000 inspection fees. What was the rate of interest
b) P3800 that the bank collected in advance?
c) P5000
d) P2500 a) 13.64%
b) 18.37%
c) 16.43%
5. A bank loan of P2,000.00 was made at 8% d) 10.32%
simple interest. How long would it take in years
for the amount of the loan and interest to equal
P3,280.00 10. A price tag of P1200.00 is payable in 60
days but if paid within 30 days it will have a 3%
a) 6 discount. Find the rate of interest.
b) 7
c) 8 a) 37.1%
d) 5 b) 40.2%
c) 38.5%
d) 39.3%
6. A loan of P5000 is made for a period of 15
months at a simple interest rate of 15%. What

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