Problem set C-1
A merchant borrowed P 12000 from a financing firm which charges 12 3/4 % simple interest. If the loan is to be settled after 6 years and 3 months, find the amount due for payment by the merchant. What amount of interest is earned by the financing firm?
Roberto Ramos placed P 8000 at 9 3/4% simple interest for 120 days. Find the interest earned by his money and the amount of his investment at the end of the term if (a) ordinary, and (b) exact conversion is used.
Ted invested P 42000 at 16 1/2% for 120 days agreeing on exact conversion Jyce invested the same amount for the same number of days but at 16 1/4% simple ordinary interest. Which of the two got the better deal?
What principal invested now at 17 % simple interest will yield P 7200 after 140 days? Use exact conversion of time.
If Miss Flores invests P 14 500 at 12 1/2% simple interest on October 24, 2002, how much can she collect from this investment on March 16, 2003? Assume exact interest and actual time.
If Manolo borrowed P 32 000 from Lucretia on April 7, 2004 with the agreement that interest is to be computed at 15 3/8% and a 75-day term. Determine the maturity value and the maturity date of the loan.
Accumulate P 44 000 at 12 3/4% simple interest for 4 years and 9 months.
Accumulate P 34 700 at 14 5/8% simple interst from August 5, 2004 to February 18, 2005.
Discount P 8 900 at 10 1/2% simple interest for 5 years and 6 months.
Discount P 28 100 at 123 7/8% simple interest from March 10, 2005 to September 10, 2009.