Directions: Answer the following qustions. Also write at least five examples of your own.

Q 1: A store owner borrowed an amount of $3,500 on 6th June, 1991 at the rate of 24% per annum and repaid it on 15th January, 1992. What is the amount he repaid? $3780.35 $4013.21 $4103.35 $5403.42

Q 2: Bob borrowed $5,000 from a bank at the rate of 18% per year. He lent $3,000 to a friend at the rate of 24% per year and $2,000 to another friend at the rate of 36% per year. How much profit would he earn in 2 years? $1080 $2081 $2450 $500

Q 3: Principal = $1,500, Rate = 36%, and Time = 26-2-1991 to 8-7-1991, find the total amount. $1650.32 $1695.29 $1690.76 $1635.50

Q 4: Paul had a credit card balance of $10,000 which carried a finance charge of 24% per annum. After 2 years, he won $18,000 in a lottery and paid off the credit card balance. After paying off the debt, how much money did he have? $8,000 $5,000 $4,600 $3,200

Q 5: Jason deposited $1,000 in a bank account that gave an interest of 5% per annum. Interest is calculated every 6 months and added to the principal. Interest for next 6 months is calculated on the total amount. How much does he get after 1 year? $1005.35 $1500.45 $1050.63 $1243.78

Q 6: John deposited $15,000 in a savings account that paid an interest of 12% per annum. The interest is calculated every 6 months and added to the principal. How much does he get after 1 and 1/2 years? $17,865.24 $18,875.50 $15,354.45 $16,875.74

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