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