1. On May 26, Fat Tires Ltd. borrowed $10,000.00 with an interest rate of 7.9%. The loan was repaid in full on November 24, with payments of $2500.00 on

June 25 and $3300.00 on September 18.

What was the final payment? ________

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

2. The Tomac Swim Club arranged short-term financing of $12,800.00 on July 9 with the Bank of Commerce and secured the loan with a demand note. The club repaid the loan by payments of $6500 on September 12, $3200 on November 26, and the balance on December 30. Interest, calculated on the daily balance and charged to the club's current account on the last day of each month, was at 6% per annum on July 9. The rate was changed to 5% effective September 1 and to 5.75% effective December 1. How much interest was paid on the loan?

The total interest paid was $_____

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

3. Automotive Excellence Inc. borrowed $20,000.00 on June 21 with an interest rate of 5.3% per annum. On July 5, $5600.00 was repaid, and on August 10, $5500.00 was repaid. Automotive Excellence paid the balance of the loan on October 11. What was the final payment?

The final payment was $_____

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

4. Compute the proceeds of a five-month, $7000 promissory note dated September 6, 2018, with interest at 5.5% if the note is paid on November 28, 2018,

when money is worth 6.5%. Ignore any grace period.

The proceeds are $______

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)