GEC5000

– MATHEMATICS IN THE MODERN WORLD

PERFORMANCE TASK 1
MATHEMATICS OF FINANCE
NAME/S: Sulibran, Marjorie S.
SECTION: Psy-101

1. A credit card statement for the month of November showed the following
transactions.
November 1 Previous Balance: Php 937.25
November 4 Purchases: Php 531.62
November 13 Payment: Php 400.00
November 20 Purchases: Php 89.95
November 28 Payment: Php 100.00

a. Create a table for the breakdown of transactions. (3 points)

DATE PAYMENT DAILY BALANCE NO. OF UNPAID
PURHCASE DAYS BALANCE
UNTIL X
BALANCE NUMBER
CHARGES OF DAYS
Nov 2-4 937.25 3 2,811.75
Nov 5-13 531.62 1,468.87 9 13,219.83
Nov 14-20 -400 1,068.87 7 7,482.09
Nov 21-28 89.95 1,158.82 8 9,270.56
Nov29- 30 -100 1,058.82 2 2,117.64

Total 29 34,901.87

b. Find the average daily balance. (2 points)

34,901.87
𝐴𝐷𝐵 = = 1,203.512
29

ADB= ₱ 1,203.51
 c. Find the finance charge. The interest rate is 1.9% per month on the average daily
balance. (2 points)

𝐹 = 𝑃𝑟𝑡

𝐹 = (1,203.51)(0.019)(1)
= 22.866
F= ₱ 22.87

d. How much is the total bill? (2 points)

1,058.82+ 22.87
TOTAL BILL = 1,081.69

2. Mary's credit card statement showed these transactions during September.

September 1 Previous Balance: Php 627.75
September 10 Purchase: Php 87.95
September 15 Payment: Php 200.00
September 27 Purchase: Php 146.22
a. Create a table for the breakdown of transactions. (3 points)
DATE PAYMENT/PURHCASE DAILY NO. OF UNPAID
BALANCE DAYS BALANCE
UNTIL X
BALANCE NUMBER
CHARGES OF DAYS
Sept 2-10 627.75 9 5,649.75
Sept 11-15 87.95 715.70 5 3,578.50
Sept 16-27 -200.00 515.70 12 6,188.40
Sept 28-30 146.22 661.92 3 1,985.76

Total 29 17,402.41

b. Find the average daily balance. (2 points)

17,402.41
𝐴𝐷𝐵 = = 600.083
29

ADB= ₱ 600.08
 c. Find the finance charge. The interest rate is 1.9% per month on the average
daily balance. (2 points)
F=Prt
𝐹 = (600.08)(0.019)(1)
F= ₱ 11.40

d. How much is the total bill? (2 points)

661.92 +11.40

TOTAL BILL = ₱ 673.32

3. Classify the annuities used in the given statement. (2 points)

Elisse purchased a television set with a down payment of Php 10,000.00 and she has to
pay Php 1,000.00 every end of the month for 30 months. Find the total amount of the
TV set if the interest rate is 2.5% compounded semi-annually?
Annuity Certain- 30 months
General- compounded semi-annually
Ordinary Annuity- every end of the month

4. Rex purchases a new phone worth Php 62,499.00 and decides to pay in
installment. How much is the monthly payment if the annual interest rate is 5%
payable for 1 year? (2 points)
Solution:
A= Php 62,499.00
R= 5% or 0.05
N=12 months
T= 1

= 5350.38
Answer: Rex monthly payment is Php 5,350.38