Quiz 1 General Mathematics

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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

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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?