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1. During this time of pandemic, many lending institutions offer a loan package to wage earners.
Suppose loan Company A offers you to borrow money amounting to PHP 50, 000 and payable
in 4 years at a simple interest rate of 3% per annum, while loan Company B offers a 3%
compounded annually. What loan company will you borrow money from, then justify why you
decided to choose to take out a loan from that particular loan company.
2. Mrs. Alyani wants to compare simple and compound interests on a P350,000 investment for 3
years and 3 months.
a. Find the interest if funds earn 6.5% simple interest for 1 year.
b. Find the interest if funds earn 6.5% interest compounded annually.
c. Find the difference between the two interests.

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Sagot :

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