1. Cara has a loan from her credit union at a rate of 8.2% for which her payments are $185 per month. The interest is computed on a daily basis (assume 365 days per year) on the unpaid balance of the loan. If the loan balance after her last payment was $2396 and Cara makes her next payment 35 days later, how much of the payment is paid towards interest? Select Best Answer: Correct answer is within +/- $0.09 of Multiple choice answer.)
A) $5.38 B) $44.25 C) $18.84 D) $53.83
2. Supposed that in the loan described, the borrower paid off the loan after the time indicated. Calculate the amount needed to pay off the loan.
$4900; 9% compounded monthly; 24 monthly payments; paid off after 12 months.
A) $1662.50 B) $2559.82 C) $1835.77 D) $1745.46