GENERAL INSTRUCTIONS: Answer each item
carefully. All answers must be in two decimal places if
needed.
SIMPLE INTEREST 26 pts.
1. On April 1, 2018, Bubbles borrowed P600,000 at
8% interest from Mojos Lending, payable after 6
months. Find the simple interest. 3pts. P24,000
2. On June 25, 2018, Ferb borrowed money from
Adventure Bank, payable for 3 years at 6% simple
interest. She paid P8,500 as interest. Find how
much Ferb borrowed. 3pts. P47,222.22
3. Elsa borrowed P350,000 from her Kingdom’s
Throne Fund where she was charged 5% simple
interest for being part of the Royal Family. She
paid P50,000 interest with principal on the maturity
date. Find how long it took Elsa to pay the Throne
Fund in full. 3pts. 2.86 years
4. On August 8, 2018, Adam deposited P500,000 in
Maroon 5 Bank. The deposit earned a simple
interest of P186,000 in 6 years. Compute the rate of
the simple interest on the deposit. 3pts.6.2%
5. Bruce Wayne borrowed P914,000, payable after 6
years and 8 months with simple interest of 9%.
What is the loan’s maturity value? 3pts.
P1,462,400
6. Mr. DJ borrowed P50,000 at 6%, payable after 169
days in 2018. How much is the interest? 2pts.
P1408.33
7. How many days from August 7, 2018 to December
25, 2020 using actual time method? 2 pts.871days
8. Lily took a loan of $1200 with simple interest for
as many years as the rate of interest. If she paid
$432 as interest at the end of the loan period, what
was the rate of interest? 3pts.
𝑥 𝑥
à 432 = 1200 (𝑥); where, 𝑟 = ; 𝑡 = 𝑥
100 100
𝑥2
432 = 1200( ) on all securities sales he makes. Last year, he had
100
1200𝑥 !
432 =
100
432 = 12𝑥2 he earned this year? (Round off to whole number)
36 = 𝑥 ! 3pts. P16603 = [(632,478(.025)](1.05)
6 = 𝑥
𝑥 6
𝑟= = = .06 𝑜𝑟 6% salary of P25,000 plus commission on all her sales
100 100
9. You have P50,000 to invest, and two funds that
you'd like to invest in. The EDIWOW Fund (Fund
Y) yields 14% interest. The KAYA PA Fund
(Fund X) yields 6% interest. Because of college
financial-aid implications, you don't think you can
afford to earn more than P4,500 in interest income
this year. How much should you put in each fund?
4pts.
à4500= [P(.14)(1yr)]+[(50000-P)(.06)(1yr)] her gross earnings. 3pts.
MORTGAGES/ INSTALLMENT 15 pts.
10. Roy bought a table worth P2,000. He bought it on
an installment basis. He paid 8 monthly
installments of P364.5. How much was his cost of
borrowing? 3pts. P916
11. A house has a list price of P1,560,000. The dealer
is giving a trade discount worth 5% and requires a
25% down payment. The dealer arranged that the
bank will finance the balance of the car net of
down payment. The term of the loan is 4 years
and the bank charges an interest of 6% per annum.
How much will the bank have to finance? 3pts.
P1,111,500
12. Using the information given in #11, how much will
be the monthly payment?(Round off to whole
number) 3pts.
(.06 )
à1,111,500( 12 )= P26,103.61
−[(4)(12)]
1− 1+(.06
12
)
13. Using the information given in #12, how much
interest will be paid on the second monthly
payment? (Round off to whole number) 3pts.
14. A car is prices at P320, 000. The owner is asking
for a 30% down payment and an installment term
of 3 years at a monthly interest rate of ½%. What
is the balance of the principal after the first
monthly payment? 3 pts. P218305.49
COMMISSIONS AND OVERRIDES 19 pts.
15. Pedro is a broker who earns commission of 2½ %
sales of P632,478. His commission this year is 5%
more of last year. Find the amount of commission
16. Glad is a sales representative receiving an annual
above quota of P40,000 given the following
schedule:
1st P20,000 > quota ½%
Next any sales ≤P50,000 2%
Next any sales ≤P70,000 3%
Over P150,000 4%
If she made sales of P137,500, compute for
à Commissionable Sales= Sales-Quota


17. Bosco is a Sales Manager earning P13,500

monthly. He is given a commission of 3% on his
own sales and an override of 1/3% on his men’s
sales. He is also given P2,000 for representation
allowance per quarter. His men are entitled to
5½% commission on their own sales plus a basic
monthly pay of P10,000 and transportation
allowance of P1,200 quarterly. The following are
the sales(in millions) of Bosco and his men for the
2nd quarter:

Bosco-P3,609 Calasanz-P1,123
Namuncura-P1, 432.5 Variara- P1,300

Compute for Bosco and his men’s gross earnings

for the first quarter. It was determined that their
first quarter sales is 10% less from the second
quarter. 13 pts.

SOLUTION:
1. Convert all sales to 1st quarter sales:
Bosco: 3,609,000(.9)= 3,248,100
Namuncura: 1,432,500(.9)=1,289,250
Calasanz: 1,123,000(.9)= 1,010,700
Variara: 1,300,000(.9)= 1,170,000

2. Quarterly gross earnings:

Bosco:
=Quarterly Salary + Comission + Override +
Quarterly Allowance
=[(13,500)(3)]+[(3,248,100)(.03)]+[(3,469,95
0)(1/3%)] +2000
=P151,509.5 4pts.

Namuncura:
=Quarterly Salary + Comission + Quarterly
Allowance
=[(10,000)(3)]+[(1,289,250)(.055)]+1200
=P102108.75 3pts.

Calasanz:
=Quarterly Salary + Comission + Quarterly
Allowance
=[(10,000)(3)]+[(1,010,700)(.055)]+1200
=P86788.5 3pts.

Variara:
=Quarterly Salary + Comission + Quarterly
Allowance
=[(10,000)(3)]+[(1,170,000)(.055)]+1200
=P95550 3 pts.