Personal Finance Calculation Game 2
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See more in Business Management & Administration
Effective, Simple, Discounted, Add-On Interest Rates
Topics of this game:
- You have decided that you will borrow PhP 100,000 from the bank at 10 percent interest on July 1, 2021. The amount you have to pay on December 31, 2021 is ________
- What is the effective interest rate if Mr. Abordo borrowed PhP 50,000 for one month and the payment he is required to make at the end of the month is PhP 52,000?
- Mr. Sebastian borrowed PhP 20,000 on October 10, 2006 . The lender says he has to pay the interest of PhP 1,000 every end of the month, simple interest method. The principal is due on October 9, 2007. What is the effective interest rate?
- Mr. Julius borrows PhP 50,000 at 4 percent nominal interest for one month and the discount interest method is used, the effective interest rate he will pay per month is _________
- Mr. Jason borrowed PhP 20,000 for one month at 5 percent interest per month. What is the effective interest rate per month under the discount interest method?
- An Automobile financing company offers loans for car purchases at 18 percent interest payable in five years with monthly payments. Mendoza wants to purchase a car worth PhP 500,000 and is ready to pay a down payment of PhP 200,000. How much is the Monthly Payment using Add-On Interest Method?
- A boat financing company offers loans for boat purchases at 18 percent interest payable in three years with monthly payments. Venice wants to purchase a boat worth PhP500,000 and is ready to pay a down payment of PhP 250,000. What is the Effective Interest Rate using Add-on Interest Method?
- An Appliance financing company offers loans for appliances purchases at 18 percent interest payable in 3 years with monthly payments. Diana wants to purchase an appliance worth PhP 500,000 and is ready to pay a down payment of PhP 250,000. How much is the Monthly Payment using Add-on Interest Method?
