Name: _____________________________________________________ Date: _______________

Section: _____________ Professor: _____________________________ Score:

Quiz 1 30

1. Complete the table: (10 points)

Principal Rate Time Interest Final Amount

₱ 18 800 5 years ₱ 950

₱ 150 000 10% 1½ years

7¼% 1.25 years ₱ 115 000

4% ₱ 1 500 ₱ 70 000

1. Mrs. Mameng Bello borrowed ₱ 75 000 from a bank. She paid an interest of ₱ 5 800 for 9 months, at what
rate was the interest charged?

2. If money is worth 12%, how much must be invested to have ₱ 25 000 in two years?

3. The final amount due on ₱ 5 000 at 8¾% for 3 years and 2 months.

4. Find the approximate number of days between: March 6, 2009 and November 2, 2010
5. Find the exact number of days between: August 21, 2009 and January 15, 2010

6. Given the following, find the ordinary and exact interest for approximate and exact time: (2points)
P = ₱ 9 000 r = 5% t = 146 days

7. A loan of ₱ 21 500 made on June 20, 2006 was charged with 7% simple interest. Using approximate time,
compute the ordinary interest on the loan which was paid on February 10, 2007.

8. On May 5, ₱ 30 000 was borrowed and repaid on August 19. Given an interest rate of 11.6%, how much
simple interest was earned using the four types of interest?

9. Solve for the discount amount, given: F = ₱ 70 000 d= 12% t = 1 year and 2 months

10. Solve for the discount amount, given: F = ₱ 35 000 d = 8% t = 90 days

The following note is discounted at 8% on October 12, 2013

August 4, 2013

Ninety days after the date stated above, the undersigned promises to pay
to the order of Mr. Pablo Caparas the amount of Thirty thousand pesos.

(Sgd) Julia I. Matias

Determine the following:

a) Date of note
b) Term of discount
c) Maturity date
d) Final amount
e) Term of note
f) Proceeds
g) Face Value