1. Simple interest is used as

1. Simple interest is used as the basis for other types of
interest . The most common application of simple interest is
called an add on loan. An add – on loan is a loan in which
the future value of the loan is calculated and then payments are
determined by dividing this by the number of payments to be made .
The following example demonstrates this type of loan .
Select one : True False

2. To determine the starting date , the time involved in this
transaction , ort , must be calculated . d but of Select one : O
True False

3 . Deferred Annuity is an annuity with definite beginning date
but no ending date. insurance premiums ut of Select one: O True
False

4. -Find the interest on BD 5000 at 3% simple interest from
April 11, 2021 to November 22, 2021 by using the four
methods.
a. lo – Actual Time. b. le – Actual Time.

c. lo – Approximate Time. d. le – Approximate Time.

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