1. __________________ is the amount of money borrowed or invested.
2. __________________ is the amount of the loan plus interest.
3. The price paid for using money is called __________________.
4. __________________ interest applies when interest for each year is based on the amount of the loan or investment.
5. __________________ is the number of days, months, or years that the money is borrowed or invested.
6. The method of lending money at ordinary interest using exact time is called the _______________________.
7. __________________ time is based on counting the actual number of days in a time period.
8. If money is borrowed from a bank at a simple interest rate, the bank often collects the interest, which is called the _____________________ at the time the loan is made.
9. __________________ is the percent of the principal paid as interest per time.
10. __________________ time is based on counting 30 days in each month.
II. You solve the following problems involving simple interest by showing your complete solution: (20 points)
1. Accumulate P12,000 at 3 ½ % simple interest for 9 months.
2. An interest of P853.12 was paid on a P7,500 simple interest loan at the end of 1 year and 9 months. What was the rate of interest?
3. If P30,000 accumulates to P30,412.50 at 8 ¼ % simple interest, how many days are needed?
4. Mr. Alvin bought a new car. To pay for the car, which was priced at P1,200,000, he gave P500,000 as down payment and agreed to pay the balance in 2 years. Find the amount of interest paid if interest rate is 12% simple interest.
5. If P20,000 is borrowed on May 6, 2010 at 7%, on what day will a payment of P23,200 repay the debt and interest?
Answers
Answer:you cheater
Step-by-step explanation:
Answer:
1. Principle
2. Total Payment
3. Interest rate.
4. Interest
5. Time
6. Ankers rule
7.Uses the actual number of days in each month and year
8. simple interest
9. Borrowed or lent.
10. September, April, June, and November.
Step-by-step explanation:
Step : 1 The sum borrowed from the bank is referred to as the loan, and the additional sum of money given back to the bank over and above the loan is referred to as the interest. The expense of borrowing money, such as the interest added to a loan debt, is known as interest. The rate paid for money on deposit, as in the case of a certificate of deposit, can also be considered interest. Simple interest and compound interest are the two methods for calculating interest.
Step: 2 When you borrow money, you are required to repay the loan's principle as well as the interest accrued. The cost of borrowing money is fundamentally defined as interest, which is what you pay the lender for extending the loan. Interest is frequently written as a percentage of the loan amount.
Step: 3 The cost of borrowing money is called interest, and it is typically stated as a percentage, such as an annual percentage rate (APR). Lenders may get interest for the use of their money, or borrowers may pay interest for the use of their money.
Step : 4 Fixed interest, variable interest, annual percentage rate, prime interest rate, discounted interest rate, simple interest, and compound interest are the most common types of interest.
Step : 5 Another kind of simple interest that resembles regular simple interest is the Banker's Rule. Although it is based on a year with 360 days, you calculate interest using the actual number of days in the period. Regular interest and precise timing (360 day year, exact number of days) The Banker's Rule is this. It often generates the highest attention.
Step : 6 Given: The interest rate is 6%, and the principle amount is Rs. 19800. Time = 9 months + 9 days = 3 and a half years.
utilised formula: interest equals (principal times interest rate times time)/100.
Calculations: In accordance with the inquiry. Interest is equal to [19800 6 3/4]/100, or Rs. 891. 891 rupees is the simple interest. Get the Soln PDF.
Step : 7 Simple interest is calculated by multiplying the principal by the time, interest rate, and time period. "Simple Interest = Principal x Interest Rate x Time" is the written formula.
Step : 8 The simplest formula for calculating interest is this one. Theoretically, figuring out your loan payment is easy. Your principle is calculated by dividing the entire amount you borrowed by the number of months you committed to repay the loan (known as the term). When interest charges are taken into account, it becomes challenging.
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