Mr. Lima borrowed ₱50,000 from a lending firm to start a mini-store business. If the firm charges simple interest of 5%, how much must Mr. Reyes pay in three years?
1. Mr. Lima borrowed ₱50,000 from a lending firm to start a mini-store business. If the firm charges simple interest of 5%, how much must Mr. Reyes pay in three years?
2. At what simple interest rate must ₱100,000 be invested so as to gain an interest of ₱10,000 after 5 years?
3. In preparation for Sandara’s college education, her parents want to save ₱400,000 after 12 years. How much should they deposit in a bank providing an interest rate of 2% compounded quarterly?
4. How long should ₱50,000 be invested at 6% compounded semi-annually if it should earn an interest of ₱10,000?
5. A cellular phone may be purchased at ₱1,500 payable monthly for 18 months. The first payment is due after 3 months. How much is the cellular phone if the interest rate is 12% convertible monthly?
6. Warlo bought a laptop that is payable by monthly installment of ₱1,800 for 12 months starting at the end of 2 months. How much is the cash value of the laptop if interest is at 10% convertible monthly?
7. Jovaira deposits ₱10,000 every 3 months in a time deposit account giving 7% interest rate compounded quarterly. How much will she save at the end of 5 years?
8. Mr. Cama borrowed one million pesos from a bank to buy a house which he would pay in 15 years. How much is the monthly payment for this loan if 5% interest compounded annually is charged against the loan?
9. Reggie availed of a deferred payment scheme from a bank that gave her an option to pay ₱5,500 monthly for 2 years. The first payment is due after 3 months. How much is the present value of the loan if the interest rate is 12% converted monthly?
10. A school service van is available for purchase at ₱23,000 bimonthly. The first payment is due at the end 5 years and the last at the end of 8 years. How much is the present value of the van if the interest rate applied is 14% converted bimonthly?
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