Simple Interest

1. A certain amount is borrowed for 72 days at 17% per annum. Using ordinary simple
interest, what is that certain amount if the due at the end of 72 days is P 7, 238?
A. P 7484.09 B. P 7000 C. P 7480.72 D. P 7003.15

2. P 6000 is borrowed for 75 days at 18% per annum. How much will be due at the end of
75 days? Use exact simple interest.
A. P 6221.92 B. P 7221.97 C. P 8223.10 D. P 9221.91

3. Engr. Paro borrowed P 400, 000 from a bank and agreed to pay the loan at the end of
each month. The bank discounted the loan and let him pay only P 250,000 each month.
What is the discount rate?
A. 73.5 % B. 37.5 % C. 53.7 % D. 35.7 %

4. A man borrowed P 80,000 and promised to pay the amount after 6 months with 12%
interest. What is the future amount?
A. P 84,800 B. P 55,333.34 C. P 17,678.84 D. P 15,791.75

5. It was March 3, 2011 when Jasper borrowed P 1000 from an Arab fellow and agreed that
he will only pay P 20 per day starting the next day. The Arab fellow also set a 20%
effective interest into such loan. When would be his last payment occur?
A. May 4, 2011 B. May 3, 2011 C. May 2, 2011 D. May 1, 2011

6. Gerald is penniless, so he decided to borrow some money from his friends and tell them
that he will pay them double on the next day. His best friend just gave him P 20, John let
him borrow P 50 and Randulf lend him P 100. Determine his total debt.
A. 0 B. P 340 C. P 300 D. P 100

7. A certain amount of money doubles after 9 years. Determine its effective interest.
A. 11.11% B. 111.11% C. 100% D. 101.10%

8. Ana sets a P 5 per day savings as a part of her 2012 New Year’s Resolution. After such
year, she deposits this annum saving in the bank with 10% interest. Determine its future
amount after 4 years.
A. P 2555 B. P 2520 C. P 2548 D. P 2562

9. SM is on sale; all non-perishable goods are discounted by 30%. A man buys

2 pants of P500 each, 2 kg of fish P 60 per lb. and 5 bags of P 550 each. Compute his
expected payment.
A. P 2889.6 B. P 3870 C. P 2709 D. P 2810.22
10. In Year 2532, the world is “Exactly” different. Every second, minute, hour counts in
comes to interest. Compute the future amount of an investment P 100,000 with an
interest of 15% after 74 days, 2 hours, 6 minutes and 20 seconds.
A. P 103,032.79 B. P 103,036.38 C. P 103,036.37 D. P 103,036.20