Answers for 7-10

Unit 14.2 Paying off an installment loan 7. Interest is more during the first part of an installment loan. (T or F) 8. With the U.S. Rule, interest is calculated on the basis of a 365-day year. (T or F) 9. With the U.S. Rule, the lender calculates interest through which date: (a) the due date, (b) the date shown on the borrower's check, (c) the postmark date on the borrower's envelope, (d) the date received by the lender. 10. You get a car loan on May 3. Your first monthly payment is due June 3. The lender receives your payment on June 4. For how many days is interest calculated