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SECOND QUARTER EXAMS

Total questions: 55

Worksheet time: 3hrs 9mins

Name
Class
Date
1.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
2.

Which of the following formula can be used to solve for the simple interest?

a)

I = Prt

b)

SI = Prt100

c)

A= P(1 + rt)

d)

All of the above

3.
The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.
a)

fraction

b)

decimal

c)

ratio

d)

peso amount

4.
Write the percent as a decimal. 
4.3%
a)
4.3
b)
.43
c)
.043
d)
4300
5.

A person (or institution) who invests the money or makes the funds available.

a)

Lender

b)

Creditor

c)

Both a and b

d)

None of the choices.

6.
Write the percent as a decimal. 
5%
a)
5
b)
.5
c)
.05
d)
500
7.
Write the percent as a decimal. 
3.25%
a)
.0325
b)
.325
c)
3250
d)
32.5
8.

Tina invested P2,000 in a simple interest account and earned 8% rate for 5 years. What is the interest that she earned on the account?

a)

P160

b)

P800

c)

P80,000

d)

P16

9.

Emilio borrows P1200 from a bank with 8.5% simple interest per year. How much will he have to pay back total in 2 years?

a)

P204

b)

P996

c)

P1,020

d)

P1,404

10.

Caiden earned P475 from mowing lawns last summer. He deposited this money in an account that pays a simple interest rate of 3.8%. What will be the amount of interest earned after 15 years?

a)

P3182.50

b)

P270.75

c)

P2707.50

d)

P745.75

11.

Emily’s parents put P1500 in her bank account for college tuition at a simple interest rate of 8.25%. What will be the balance after 18 years?

a)

P22,275

b)

P2227.50

c)

P12,375

d)

P3727.50

12.

Mark took out a loan for P25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?

a)

P6,679.40

b)

P32,369.40

c)

P66,794

d)

P679.40

13.

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% simple interest. If she spent P7400 on furniture, how much will she have paid in total after 8 years?

a)

P5624

b)

P13,024

c)

P56,240

d)

P1302.40

14.

The Henley’s took out a new home loan for P195,000 at a simple interest rate of 4.3%. How much will they pay in interest after 30 years?

a)

P446,550

b)

P2515.50

c)

P25,155

d)

P251,550

15.

Kennedy won P3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% simple interest, how much will she have in total in her account at the end of 10 years?

a)

P8700

b)

P38,700

c)

P870

d)

P3,870

16.

Riley invested P1,000 in a savings account. If the account earns 6.75% simple interest, what is the balance in her account after 15 years?

a)

P1,012.50

b)

P10,012.50

c)

P2,012.50

d)

P201.25

17.

Twelve years ago, Claire deposited P1,800 in a savings account. It pays 2.5% simple interest. How much in interest did Claire earn in the account?

a)

P2,340

b)

P23,400

c)

P540

d)

P54

18.

Given that I P = ₱20,820, r = 2 1/4% and t = 9 months, find the simple interest.

a)

₱ 351.34

b)

₱ 3513.38

c)

₱ 4,216.05

d)

₱ 42160.50

19.

Given that P = ₱15,250, r = 3.25% and t= 3 years, find the simple interest.

a)

₱24,868.80

b)

₱14,868.80

c)

₱1,486.88

d)

₱148.69

20.

Shawn is buying a new jet ski for $12,500. His Credit Union offers 8.5% simple interest. How much interest will Shawn pay on his Jet Ski after 18 months?

a)

P1593.75

b)

P19,125

c)

P159,375

d)

P14,093.75

21.

Rob has $5,000. He deposits his money into a savings account at Town Bank which offers a 4.25% interest rate. If Rob does not make any deposits or withdrawals, how much simple interest will Rob's money earn after 6 months?

a)

$10,625

b)

$1275

c)

$106.25

d)

$127,500

22.

This is an interest resulting from the periodic addition of simple interest to the principal amount.

a)

simple interest

b)

interest in advance

c)

compound interest

23.

This refers to the number of times in a year the interest will be compounded.

a)

convergence period

b)

conversion period

c)

conservation period

24.

When interest is compounded quarterly, then how many times is interest compounded in a year?

a)

four times

b)

three times

c)

two times

25.

This is called the interest rate per conversion.

a)

annual rate

b)

conversion rate

c)

periodic rate

26.

If interest is compounded semiannually for 5 years, then what is the total number of conversion period?

a)

60

b)

12

c)

10

27.

What do you call the interest rate when compounded annually?

a)

nominal

b)

ordinal

c)

effective

28.

What do you call two rates with different conversion periods but produce equal interest on the same principal at the same period of time?

a)

efficient

b)

equivalent

c)

structured

29.

Find the total number of conversion periods if a given interest rate is compounded quarterly for 5 years.

a)

20

b)

60

c)

9

30.

What is the formula in finding the compound amount?

a)

Fc=P(1+rm)tmF_c=P\left(1+\frac{r}{m}\right)^{tm}

b)

Fc=P(1+rm)tmF_c=P\left(1+rm\right)^{tm}

c)

Fc=P(1+rm)tF_c=P\left(1+\frac{r}{m}\right)^t

31.

The periodic rate can be computed using the formula

a)

rmrm

b)

r+mr+m

c)

rm\frac{r}{m}

32.
Change 6.75% to a decimal.
a)
67.5
b)
.675
c)
675
d)
.0675
33.
Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?
a)
$827.52
b)
$831.10
c)
$839.45
d)
$846.80
34.
Find the following Balance:
$600 invested at 6% compounded annually for 7 years.
a)
$2273.04
b)
$1080.57
c)
$1057.95
d)
$902.18
35.
Your 6 year investment of $40,000 at 14% interest compounded annually is worth how much now?
a)
$47,798.90
b)
$87,798.90
c)
$127,798
d)
$7,798
36.
You borrowed $1,690 for 5 1/2 years at an interest of 5.7% compounded annually.  How much extra did you pay by taking out the loan?
a)
$602.45
b)
$2,292.45
c)
$1,87.55
d)
$3,982.45
37.
If $1,000 is invested at 16% interest, compounded continuously, for five years, what is the ending balance?
a)
$1,225,54
b)
$2,225.54
c)
$22,255.40
d)
$225.54
38.
Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.
a)
$12712.31
b)
$12,749.30
c)
$12,657.59
d)
$12550.84
39.
The Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?
a)
$412,749.79
b)
$529.305.61
c)
$689,546.99
d)
$640,891.53
40.
Jimmy invested $200 in a retirement account that had a rate of 20% that compounds annually.  If Jimmy leaves his money puts the money in when he is 24 and takes it out when he is 64, how much money will be in his account rounded to the nearest dollar?
a)
$29395
b)
$293954.31
c)
$293954
41.

Ashleigh put some money into an account paying 4.5% compounded continuously for 10 years. She now has $3567.91 in the account. How much money did she start the account with?

a)

$2275

b)

$2725

c)

$2572

d)

$3275

42.

Dash puts $4125 into an account using compounded continuously. If he keeps the money in the account for 5 years and now has a total of $4193.89. What is the interest rate?

a)

0.033%

b)

0.025%

c)

0.053%

d)

0.052%

43.

Chelsea put $7500 into an account paying 5% compounded continuously. She now has $10,643.01. How long has the money been in the account?

a)

7 years

b)

6 years

c)

5 years

d)

4 years

44.

Damara invests $3500 at 2% compounded continuously for 5 years. How much will she have in her account after 5 years?

a)

$3868.10

b)

$3886.10

c)

$3688.10

d)

$3286.10

45.

How long will it take $3000 to double if it is invested in an account that pays 3% compounded continuously?

a)

23.1 years

b)

22.1 years

c)

21.1 years

d)

20.1 years

46.

Abhasra invests $8,911 in a retirement account with a fixed annual interest rate of 7.71% compounded continuously. What will the account balance be after 20 years?

a)

$41,649.38

b)

$51,649.38

c)

$61,649.38

d)

$71,649.38

47.

Which of the following statements are false?

a)

All polygons have diagonals

b)

Some factors of 6 are are factors of 3

c)

Some perfect squares are whole numbers

d)

All prime numbers are odd numbers

48.

Determine the negation for the statement below


' 0.1kg is equal to 100g '

a)

0.1kg is more than 100g

b)

0.1kg is equal to 100g

c)

0.1kg is not equal to 100g

49.

The combined statement formed through the word 'and' or 'with' is known as a compound statement

a)

True

b)

False

50.

Compound statement p and q can be written as

a)

p<qp<q

b)

p∨qp\vee q

c)

p>qp>q

d)

p∧qp\wedge q

51.

Determine the truth value of converse for the following implication

if 2×3=6, then 8−2×3=18if\ 2\times3=6,\ then\ 8-2\times3=18  

a)

True 

b)

False

52.

This symbol, ∧, means?

a)

and

b)

or

c)

not

d)

if, then

53.

This symbol, ∨, means?

a)

and

b)

or

c)

not

d)

if, then

54.

This symbol,→ , means?

a)

and

b)

or

c)

not

d)

if, then

55.

What type of logic is this table showing:

a)

AND

b)

OR

c)

IF, THEN

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