PROBLEM

SETS
 1. Errol Borrowed 50,000 from Shawn on
June 5 and agreed to pay it fully, including
the 5% simple interest rate, on October 15
the same year. On August 30, Errol made a
partial payment of 15,000. if Shawn decided
to apply the installment basis rule no. 1,
how much more should Errol pay on the
agreed due date?
2. Manny deposits 20,000 in an account
earning 2.5% compounded quarterly for
3 years. How much must he deposits in
another account that pays 3.5% simple
interest rate in order to yield the same
interest for the same period of time?
 3. Mrs. Cortez invested 300,000
at 2.5% simple interest rate for 42
months. How much must he
invest at 3% compounded
continuously for 30 months to
yield the same interest?
 4. Ellaine is saving 200 a month
in an account earning 3% interest
compounded monthly in order to
accumulate 10,000. how long will
it take her to reach her goal?
5. A house and lot is offered for sale
2,000,000. the owner is willing to
accept 15,000 at the end of each
month for 8 years with interest at 6%
compounded monthly if a down
payment is made. Determine the
down payment.
6. Pia plans to deposits a monthly
equal amount in a bank so that at
the end of 8 years, she will have
1,200,000. if the bank pays 5%
compounded monthly, how much
interest will Pia earn.
7. A teacher saves 5,000 pesos
every 6 months in a bank that
pays 2% compounded monthly.
How much will be her savings
after 10 years?
 8. Mr. Mercado paid 200,000 as
down payment for a farm. The
remaining amount is to be settled by
paying 16,200 at the end of each
month for 5 years. If interest is 5%
compounded semi-annually, what is
the cash price of his farm?