Question

QUESTION 4

Within the U.S. Rule, interest is calculated thorugh which date?

		Due Date
		Date on borrower's check
		Postmark on borrower's envelope
		Date received by lender

2.1 points   

QUESTION 5

You get a car loan on September 22. Your first monthly payment is due October 22. The lender receives your payment on October 20. For how many days is interest calculated?

		28 days
		29 days
		30 days
		31 days

2.1 points   

QUESTION 6

You buy a motorcycle on July 1 for $2,500 with $500 down. You agree to pay the seller the remaining $2,000 at 9% with monthly payments of $341.14. Your first payment is due August 1, but you make the payment on August 4. Using the U.S. Rule, calculate the remaining balance after that payment.

		$1,673.86
		$1,675.63
		$1,675.86
		$1,677.93

2.1 points   

QUESTION 7

Troy Hancey has been making payments on his 9.5% boat loan for what seems like forever! Troy made a payment on May 1. His balance after that payment was $3,129.84. He just sold some stock and decides to use part of the money to pay off the boat loan on May 24. Calculate the payoff amount.

		$3,129.84
		$3,149.39
		$3,427.17
		$3,148.58

Answer 1