Using the situations provided in Exercise 1, compute the annual  interest, total interest, and amount to be received or paid at the end of the  term for each scenario below using a simple interest assumption 1.Your mother invested ₱18,000 in government securities that yield 6% annually for two years. 2.Your father obtained a car loan for ₱800,000 with an annual rate of 15% for 5 years. 3.Your sister placed her graduation gifts amounting to ₱25,000 in a special savings account that provides an interest of 2% for 8 months. 4.Your brother borrowed from your neighbor ₱7,000 to buy a new mobile  phone. The neighbor charged 11% for the borrowed amount payable after  three years. 5.You deposited ₱5,000 from the savings of your daily allowance in a time  deposit account with your savings bank at a rate of 1.5% per annum. This will  mature in 6 months.

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
icon
Related questions
Question

Using the situations provided in Exercise 1, compute the annual  interest, total interest, and amount to be received or paid at the end of the  term for each scenario below using a simple interest assumption

1.Your mother invested ₱18,000 in government securities that yield 6% annually

for two years.

2.Your father obtained a car loan for ₱800,000 with an annual rate of 15% for 5

years.

3.Your sister placed her graduation gifts amounting to ₱25,000 in a special

savings account that provides an interest of 2% for 8 months.

4.Your brother borrowed from your neighbor ₱7,000 to buy a new mobile  phone. The neighbor charged 11% for the borrowed amount payable after  three years.
5.You deposited ₱5,000 from the savings of your daily allowance in a time  deposit account with your savings bank at a rate of 1.5% per annum. This will  mature in 6 months.
Expert Solution
steps

Step by step

Solved in 7 steps with 19 images

Blurred answer
Similar questions
Recommended textbooks for you
Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
Contemporary Abstract Algebra
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Algebra And Trigonometry (11th Edition)
Algebra And Trigonometry (11th Edition)
Algebra
ISBN:
9780135163078
Author:
Michael Sullivan
Publisher:
PEARSON
Introduction to Linear Algebra, Fifth Edition
Introduction to Linear Algebra, Fifth Edition
Algebra
ISBN:
9780980232776
Author:
Gilbert Strang
Publisher:
Wellesley-Cambridge Press
College Algebra (Collegiate Math)
College Algebra (Collegiate Math)
Algebra
ISBN:
9780077836344
Author:
Julie Miller, Donna Gerken
Publisher:
McGraw-Hill Education