1)

You buy a moped on September 1 for $800 with $200 down. You agree to pay the seller the remaining $600 at 10% interest with two monthly payments of $303.76. The seller receives your first payment on October 3 and receives your final payment on October 29. Calculate interest for the October 29 payment using the U.S. Rule. Remember, the final payment may be slightly different because of rounding and actual payment date.

A $301.50

B $0.00

C $5.26

D $2.15

2)

Zubair Habib has been making payments on his 14% motorcyle loan for what seems like forever! Zubair made a payment June 1. His balance after that payment was $1,492.33. Zubair just got a $3,000 bonus from his employer and decides to use part of the money to pay off the loan on June 18. Calculate the payoff amount.

A $1,502.06

B $1,492.33

C $1,482.60

D $1,502.63

3)

For an annual rate of 11.5%, find the daily periodic rate (using a 365-day year). Express the rate with 6 decimal places.

A 0.031507%

B 9.58%

C 0.958333%

D 3.1507%