Assignment #6 (Math on Finance)

Finding the Principal, Rate and Time

Solve the following problems. Answers must be correct to two decimal places.

1. Rhex borrowed P25,000.00 from a credit union. If the interest is P920.10 for 7 months, what rate of interest did he pay?

Simple Discount

1. Solve the given problem. Answer must be correct to two decimal places.

1. Mr. X signs a P50,000.00 note for 8 months. The banker discounts the note at 6%. Find the amount of discount and the proceeds.

Compound Amount and Interest

Solve the following problems. Round amounts to the nearest centavo.

1. Find the Compound amount and the interest if P48,200.00 is deposited in a savings account at 8% compounded semi-annually for 3 years and 6 months.