A loan has a due date of December 10. If it is made on September 13, for how many days is the loan?

86 days 87 days 88 days 279 days

Using the ordinary interest method, find the amount of interest on a loan of $5,000 at 12 % interest, for 274 days. (Round to the nearest cent.)

$380.56 $469.18 $475.69 $575.00

Suppose you take out a loan for 180 days in the amount of $11,500 at 14% ordinary interest. After 60 days, you make a partial payment of $1,000. What is the final amount due on the loan? (Round to the nearest cent.)

$10,573.33 $11,270.86 $11,522.12 $11,559.68

Thomas signed a simple discount promissory note for $5,600. The discount rate is 13%, and the term of the note is 8 months. What is Thomas proceeds on the loan?

$4,613 $4,872 $5,108 $5,115