General Mathematics Summative Test 2 - Annuities Name of Learner:. Grade, Strand & Section: Date: Subject Teacher: Direction: Choose the best answer from the four options given. Write 20 the letter of the best answer on your paper. 1. The payment by installment is done periodically, and in equal amounts. This payment scheme is called A. ordinary annuity C. annuity B. annuity due D. general annuity 2. It is the amount that must be invested today to provide the regular payment of an annuity A. present value C. deferred payment B. future value D. regular payment 3. What does p represent in the formula For, Ating = (p) )? A. present value C. deferred payment B. future value D. regular payment 4. An annuity payable for a definite duration. Begins and ends on a definite or fixed date. A. annuity C. annuity uncertain B. annuity certain D. simple annuity 5. Which of the following is the formula for computing the present value of a general ordinary annuity A. PV= ()(19) C. PV= ()() (1 +5) B. 1-( 1+5) -Halted PV = R_ D. PV= () 6. An annuity in which the periodic payment does not begin until a given time interval has passed. A. general annuity C. annuity due B. ordinary annuity D. deferred annuity 7. It refers to payments received that can be represented by positive numbers. A. cash flow C. cash outflows B. cash inflows D. cash value8. A deposit of Php 9,700 annually to an account that earned 4.5% interest compounded quarterly A. ordinary annuity C. simple annuity B. annuity due D. general annuity 9. Eren's monthly rent for a pad is Php 8,000 and is due at the beginning of each month. A. ordinary annuity C. simple annuity B. annuity due D. general annuity 10. A loan payment of Php 4,200 was made every end of the quarter. A. ordinary annuity C. simple annuity B. annuity due D. general annuity 11. Deposits are made every three months for a fund that pays 2.5% compounded monthly. A. ordinary annuity C. simple annuity B. annuity due D. general annuity 12. A motorcycle payment of Php 3,800 every month that charges 1% interest compounded monthly. A. ordinary annuity C. simple annuity B. annuity due D. general annuity 13. Suppose you will save Php 3,000 at the end of every three months in a bank that pays 3% compounded quarterly. How much is the amount or the future value of your savings after 18 months? A. Php 18,430.98 C. Php 18,034.89 B. Php 18,340.89 D. Php 18,000.00 14. Levi borrowed Php 150,000 from his Uncle Kenny. If Levi agreed to pay a 9% compounded annually, calculate the amount of interest he must pay if the loan period is 27 months. A. Php 33,075.80 C. Php 30,375.45 B. Php 32,096.20 D. Php 23,375.65 15. Connie's mother saved Php 6,000 at the end of every quarter in an education plan that earns 5% per year compounded quarterly. What is the amount at the end of 16 years? A. Php 582,975.56 C. Php 319,725.61 B. Php 474,523.34 D. Php 263,249.9516. Marco paid Php 250,000 as down payment for a car. The remaining amount is to be settled by paying Php 18,000 at the end 22 of each month for 4 years. If interest is 8.4% compounded monthly, what is the cash price of his car? A. Php 981,674.05 C. Php 918,647.05 B. Php 981,476.05 D. Php 918,467.05 17. Teacher Keith Sadies saves Php 4,000 every 3 months in a bank that pays 0.25% compounded monthly. How much will his savings be after 7 years? A. Php 112.950.34 C. Php 110,950.34 B. Php 112,590.34 D. Php 101,590.34 18. Carla Yeager borrowed Php 150,000. She agreed to pay an equal amount of money every three months for 4 years. What should her quarterly payment if interest is 3% compounded quarterly? A. Php 9,983.82 C. Php 8,993.82 B. Php 9.839.82 D. Php 8,399.82 19. Grisha Yeager is the beneficiary of Php 1,400,000 insurance policy. Instead of taking the money as lump sum, he opted to receive a monthly stipend over a period of 10 years. If the insurance policy pays an interest of 5% compounded annually, what will be her monthly stipend? A. Php 16,377.38 C. Php 12,375.43 B. Php 14,773.19 D. Php 15,552.28 20. The Scout Regiment decided to invest the money they earned from their survey outside the walls. After 6 months from today, they want to withdraw from this fund Php 8,500 quarterly for 1 year to fund their survey outside the walls. How much is the total deposit now if the interest rate is 5% converted quarterly? A. Php 43,075.34 C. Php 32.556.54 B. Php 36,735.41 D. Php 23,655.54