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1.A home loan was made with IJK Bank. The loan was approved on January 1998 and expected to be fully paid on January 2008. If the first payment of Php 10,000 was made on October 1998 at an agreed interest rate of 10% compounded quarterly, how much was the approved loan?

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2.A wealthy man wants donate an amount of money to sustain a scholarship. 1 year after the man donated, a total of Php 300,000 will be given out annually to deserving students per year. How much should the wealthy man donate if the money is worth 10% compounded annually?

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3.Mr. Alfonso will be retiring in 3 months and the company where he is working gave him option on his retirement. Option A is he will be receiving a lumpsum amount of Php 3,000,000 on his 60th birthday. Option B is he will be receiving Php 80,000 per month for 4 years and will start 1 month after his 60th birthday. Which option shall he choose? Show your calculations.

Option A Given: Php 3,000,000.00

Option B Given: Php 80,000.00, 4 years, monthly

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