NAME:_______________________________________________ SCORE:______________
SECTION:_____________________________
SUMMATIVE TEST IN GENERAL MATHEMTICS
SIMPLE AND COMPOUND INTEEREST
I. Multiple Choice: Write the letter of the correct answer before the number
.( 1point each)
1. A person who invest the money or makes the funds available.
a. Debtor b. borrower c. creditor d. co-maker
2. It is the date on which money is received by the borrower.
a. Annually b. origin date c. yearly d. maturity date
3. It is the amount paid or earned for the use of money.
a. Interest b. rate c. term d. time
4. A sum of money at simple interests amount s to 815 in 3 years and to 854 in 4 years. The sum is
_______
A. 650 b. 690 c. 698 d. 700
5. It is the date on which money is received by the borrower.
a. Present date b. billing date c. repayment date d. origin date
6. It is an interest that computed on the principal and also on the accumulated past interest.
a. Simple interests b. simple annuity c. compound interest d. general annuity
7. A sequence of payments made at equal or fixed intervals or periods of time.
a. Interests b. annuity c. stocks d. bonds
8.It is the amount of money borrowed or invested on the origin date.
a. Principal b. borrower c. lender d. user
9.It is the annual rate of interests.
a. Equivalent rateb. nominal rate c. rate d. effective rates
10. It is an interest that is computed on the principal and then added to it.
a. Simple interests b. simple annuity c. compound interests d. general annuity
II. Complete the following table. (1 point each)
Principal (P) Rate (r) Time (t) Interest (I)
2,000 5% 3 (1)
(2) 12% 5 20,000
88,000 (3) 4 8,000
Principal (P) Rate (r) Time(t) Compound
Interest (
Ic
)
Maturity Value
(F)
6,000 8% 12 (4) (5)
12,000 5.5% 6 years and 9
months
(6) (7)
III. Problem Solving: (3 points)
