Maximum grade for any late work is the lowest grade of
any work turned in on time minus 15 %.

I encourage you to do your homework in small study groups. Such small groups make studying more pleasant and useful; one of your peers may see an error that you didn't notice or may be aware of certain easier methods to complete a difficult assignment. Use study groups for all your assignments and don't wait until exam time. If you are part of such a group, then you must participate. A study group is useless if the smartest person is demonstrating the problems. You will learn more by watching mistakes being made. Everyone in the group should attempt to explain a homework problem. Certain homework assignments will be collected and graded.