1.

A payday loan center gives this information about their loan: "Each payday loan is subject to a fee of $23.00 per $100 borrowed. If repaid in cash on or before the due date, customer will receive a $5.00 rebate."

a. If the due date is in 15 days what is the daily interest rate assuming the loan is paid off by the due date?

b. If the due date is in 15 days what is the annual interest rate assuming the loan is paid off by the due date?

2. A computer is purchased with a $1500 loan with a 9% interest on the principal every month over one-year. How much interest is generated after 4 months?

3. You lease a car worth $32,000 at a rate of $400/mo. If at the end of the 4-year lease term the car is worth 40% of the original price. How much would you spend in total if you buy the car?