2ND SUMMATIVE TEST IN GENERAL MATHEMATICS

I. IDENTIFICATION
A. Identify the word/s being described.
1. Rent that lenders charge to borrowers for temporary use of money.
2. Agreed date or time when the loan will be paid in lending money.
3. The percentage added to the amount being borrowed.
4. A legal document in which a person agrees to pay a certain amount of money on a specific date.
5. The person borrowing money.
6. The one who will receive the payment.
7. The date in which the note was written.
8. Also known as the face value.
9. These are the pledge assets such as real estates, cars, house, etc.
10. The last day of loan.
B. Determine the date in the following number of days.
11. 196th day
12. 322nd day
13. 295th day
14. 38th day
15. 356th day
16. 3rd day
17. 110th day
18. 88th day
19. 200th day
20. 160th day
II. SOLVING
A. Find the actual and approximate time between two dates.
1. January 20, 2022 to October 14, 2022
2. October 8, 2022 to July 7, 2023
B. Find the due dates of each of the following notes using actual time.

DATE OF LOAN TERM OF LOAN DUE DATE

1. January 4, 2018 35 days

2. December 19, 2017 85 days

3. July 17, 2014 145 days

C.
1. How much exact and ordinary simple interest should Judith pay for a loan of 18,360 at 14% interest
borrowed in October 16, 2016 if she promised to pay everything on March 23, 2017 using actual and
approximate time.
2. Find the exact and ordinary interest on 17, 600 at 9.5% from December 3, 2015 to June 24, 2016
using actual and approximate time.

END OF THE EXAMINATION