1. You buy a boat for $13,850. You must also pay tax and license fees of $980. You borrow $11,500 at 12.9% interest for 3 years with monthly payments of $386.93. What is the total cost of the boat, including tax and license fees and finance charges?
$26,330
$28,759.48
$14,830
$17,259.48
2. On June 8, you get a boat loan. Your first payment is due July 8. You write out your check on July 8, drop it in a mailbox that same day, it gets postmarked on July 9, and the lender receives it on July 10. For how many days is interest calculated?
30 days
31 days
32 days
33 days
3. On December 14, you get a 13.9% $1,700 furniture loan with monthly payments of $81.54. Your first payment is due January 14. What is the balance after your first payment, assuming the lender receives your payment on January 11?
$1,618.46
$1,636.59
$1,681.87
$18.13