Direction: Choose the best answer from the four options given....

Direction: Choose the best answer from the four options given. Write the letter of the best answer on your paper. 1. A money lent to an individual for a business purpose is called A. business Loan B. consumer Loan C. collateral D. loan 2. The asset used to secure the loan is called A. asset B. loan C. collateral D. payment 3. A loan, secured by a collateral, that the borrower is obliged to pay at specified terms. A. mortgage B. chattel mortgage C. collateral D. amortization 4. A mortgage on a movable property. A. mortgage B. chattel mortgage C. collateral D. amortization 5. Any remaining debt at a specified time. A. mortgage C. balance B. chattel mortgage D. outstanding balance 6. A method of paying a loan (principal and interest) on installment basis, usually of equal amounts at regular intervals. A. amortization B. mortgage C. balance D. outstanding balance 7. A money lent to an individual for personal or family purpose is called A. business Loan B. consumer Loan 35 8. It is a time to pay the entire loan. A. amortization B. compounding period C. collateral D. loan C. term of the loan D. time 9. Which among the following is a consumer loan? A. Hinata Hyuga wants to borrow money to spend for a trip to Konoha. B. Madara Uchiha plans to have a ramen shop. He wants to borrow some money from the bank in order for him to buy the equipment for the shop. C. Nagato owns a siomai food cart business. He wants to put another food cart on a new mall in the other city. He decided to have a loan to establish the new business. D. Tsunade has a computer shop. She owns 10 computers. She decided to borrow some money from the bank to buy 20 more computers. 10. Which among the following is a business loan? A. Karin renovated her house for Php 80,000. That was made possible because of an approved loan worth Php 75,000. B. Tenten decided to purchase a condominium unit near her workplace. She got a loan worth Php 2,000,000. C. Mr. Rock Lee decided to take his family for a vacation. To cover the expenses, he decided to apply for a loan. D. Orochimaru runs a trucking business. He wants to buy three more trucks for expansion of his business. He applied for a loan in a bank. 11. Sai purchased a house and lot worth Php 4,000,000. He paid a down payment of Php 800,000. He plans to amortize the loan of Php 3,200,000 by paying monthly for 20 years. The interest rate is 12% convertible monthly. How much is the monthly payment? A. Php 5,319.98 B. Php 29,914.78 C. Php 35,234.76 D. Php 5,256,342.40