QuestionDirections: Solve the following problems completely. 1. If ABC furniture borrowed P3, 500 from a bank charging 18% simple interest, how much would ABC furniture pay at the end of 24 months?2. Find the ordinary interest on P3, 400 for 35 days at 5% simple interest.3. Find the actual and approximate time from November 1, 1990 to January 18, 2000.4. If money is worth 6 ¼% simple interest, w
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Question
Directions: Solve the following problems completely.
1. If ABC furniture borrowed P3, 500 from a bank charging 18% simple interest, how much would ABC furniture pay at the end of 24 months?
2. Find the ordinary interest on P3, 400 for 35 days at 5% simple interest.
3. Find the actual and approximate time from November 1, 1990 to January 18, 2000.
4. If money is worth 6 ¼% simple interest, what is the present value of P8, 250.00 due in 2 years and 6 months?
5. Find the present value of P4, 500 for 2 years and 3 months at 5.5% simple interest.
Directions: Solve each of the following:
1. Suzie borrowed P10,000 on January 10, 2020 from PNB. If she promised to pay the principal and the compound interest at 8% compounded monthly, how much must she pay on March 25,2021?
2. Find the present value of P50,000 due at the end of 5 years if interest is computed at 12% compounded annually?
3. Lanie received P10,000 in 6 months at 8% converted quarterly. What was her initial investment?
4. What rate compounded annually will triple any sum in 4 years?
5. What nominal rate compounded monthly is equivalent to 10% effective rate?
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