ASSIGNMENT NO. 2
Direction:
Solve the given problems completely. You may want to use FASTSCANNER (mobile app)
for scanning your document black and white on lower MBs. Submit your work in the given
portal and do not forget to tick in TURN IN to complete the submission.
Deadline: May 1, 2021
1. A bank charges 1.5% per month on a loan. Find the equivalent nominal rate of interest.
2. A financing company charges 1.5% per month on a loan. Find the
equivalent effective rate of interest.
3. A nominal rate of 12% compounded monthly is equal to an effective rate of
interest.
4. Convert 16% compounded semi-annually to equivalent nominal rate which is
compounded daily.
5. Find the accumulated amount of P 1000 after 5 years when deposited in a bank at a
rate of 16% compounded monthly.
6. How long in years will a certain sum of money to triple its amount when deposited at a
rate of 12% compounded annually?
7. How much should be deposited in a bank at a rate of 12% compounded
continuously for 5 years if its accumulated amount is P9,110.60?
8. An effective rate of interest, which is 12.75%, is equivalent to what percent if
compounded continuously.
