BUSINESS MATH

Bring Home Exam # 2 : SIMPLE INTEREST

Answer the following on your quiz notebook.

1. Anna borrowed P500.0 from her aunt to buy a book. She promised to pay her at the end of one month. Her aunt
agreed, but she asked Anna to pay her back the amount of P550.00. How much interest will she pay? What is
the rate of interest she will pay?
2. Bernadette lent money to Carol to buy her school supplies. Carol borrowed P300.00, which she promised to pay
after 2 months. Bernadette told her to pay an interest of 3% for the two-month period. How much will Carol
have to pay Bernadette?
3. Luz paid P24, 000.00 in interest on a P400, 000.00 loan she got from the credit union. The term of the loan is 3
years. Find the rate.
4. Find the interest rate on a loan of P1, 800.00 that was paid P1, 845.00 after 60 days from the date of loan. The
interest charged was ordinary interest.
5. Maxwell Bank charges 12% interest on loans. If Joshreen borrowed P100, 000. 00 and paid P175, 000. 00 at the
end of the term of the loan, for how long was the loan taken?
6. Find the actual time and approximate time between the dates indicated:
a. August 21 to December 9
b. November 22, 2009 to March 2, 2010
c. September 21, 2015 to February 29, 2016
d. June 3, 2019 – October 20, 2019
e. November 3, 2019 – March 24, 2020
7. Mondragon Corp. charges 20% simple interest on the loan value of all items pawned to them. If Daniela pawned
her necklace for P250,000.00, how much will she pay to Mondragon Corp. after 120 days assuming they charges
the following?
a. Ordinary Interest
b. Exact Interest

II. Complete the following. Place your computation on the next page.

Principal (P) Rate ( r ) Time ( t ) Interest (I) Maturity Value (F)

A P1,000 10% 3 years
B P2,000 2%/month 2 years
C P 3,000 12% 6 months
D P 4,000 3%/quarter 9 months
E P 5,000 6% / semi-annual 4 years