26. It is a financial obligation of paying someone a certain amount for the use of his/her money
A. Business Loan
B. Consumer Loan C. Loan D. Amortization
27. An assets that can secure a loan.
a
A. Mortgage
B. Collateral
c. Loan
D. Amortization
28. It is a method of paying a loan (principal and interest) on installment basis, usually of equal amounts
at regular intervals.
A. Mortgage
B. Collateral C. Outstanding Balance D. Amortization Method
29. A loan of P200,000.00 is to be repaid in full after 3 years. If the interest rate is 8% per annum. How
much should be paid after 3 years?
A. P251,942.40
C. P215,942.40
B. P251,492.40
D. P215,492,40
30. For a purchase of a house and lot worth P3,800,000.00, the bank requires 20% down payment, find
the mortgaged amount.
A. P3,400,000.00
C. P3,004,000.00
B. P3,000,400.00
D. P3,040,000.00​