General Mathematics Quiz no. 1 (Finals) Name: __________________________ Grade/Section: __________________Score: __________ Teacher: ________________________ Date: _______________ Parent’s Signature: __________ I. Identify the following terms and write it on the space before the number. Borrower Compound Interest Lender Maturity date Maturity value Loan date Principal Rate Simple Interest Time ____________1. The annual rate, usually in percent, charged by the lender, or rate of increase of the investment. ____________2. Amount of money borrowed or invested on the origin date. ____________3. Interest is computed on the principal and on the accumulated past interests. ____________4. The person or institution that owes the money or avails of the funds from the lender. ____________5. Amount of time in years the money is borrowed or invested, length of time between the origin and maturity dates. ____________6. Amount after t years that the lender receives from the borrower on the maturity date. ____________7. Date on which the money borrowed, or loan is to be completely repaid. ____________8. Date on which money is received by the borrower. ____________9.The person or institution that invests the money or makes the funds available. ____________10. Interest that is computed on the principal and then added to it. II. Read the following questions carefully. Write only the letter of the best answer. ___1. Find the exact time of a loan made on September 15 and due on December 15. A. 91 days B. 90 days C. 120 days D. 15 days ___2. Find the exact interest on a loan of P3,500 at 12 1/2% annual simple interest for 45 days. A. P54.69 B. P53.94 C. P45 D. P51.78 ___3. A loan of P2,000 with a simple annual interest rate of 14% was made on June 14 and was due on August 14 of the same year. Find the exact interest. A. P46.03 B. P41.23 C. P46.79 D. P46.67 ___4. Use the exact time to find the due date of a loan that is made on February 10 of a leap year and is due in 60 days. A. April 11 B. April 12 C. April 9 D. April 10 ___5. A loan made on February 10 is due September 10 of the same year. Find the exact time for the loan if it is not a leap year. A. 211 days B. 213 days C. 210 days D. 212 days
III. Solve the following problem. 1. Compute the interest if the principal is 200, 000 pesos at a rate of interest of 5% for 4 years. 2. Suppose you inherited a lump sum of 2 millions dollars. Compute the interest if the principal is 5,000,000 pesos at a rate of interest of 4% for a year. 3. A total of P175 000 is invested at a simple interest rate of 6% for 4 months. How much interest is earned on this investment? 4. A business takes out a simple interest loan of P450,000 at a rate of 7.5%. What is the total amount the business will repay if the loan is for 8 years? 5. What is the value of an investment of P245 000 after 2 years if it earns 1.5% compounded quarterly?