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Use the United States Rule and/or Banker’s Rule to determine the balance due on the note at the date of maturity. (The effective date is the date the note was written.)

Principal - 6000
Rate - 5%
Effective Date - May 15
Maturity Date - November 1
Partial Payment Amount - $1500
Partial Payment Date -August 15

  • Maths -

    Also Answer the following questions:
    1. NUMBER OF DAYS BETWEEN EFFECTIVE DATE AND PARTIAL PAYMENT =
    2. INTEREST ON PARTIAL PAYMENT DATE = PRINCIPAL X RATE X (NO. OF DAYS IN #1)/360 =
    3. PRINCIPAL PAID ON PARTIAL PAYMENT DATE = PARTIAL PAYMENT - INTEREST PAID =
    4.NEW PRINCIPAL = ORIGINAL PRINCIPAL - AMOUNT PAID IN #3 =
    5.NUMBER OF DAYS BETWEEN PARTIAL PAYMENT DATE AND MATURITY DATE =
    6. INTEREST IN MATURITY DATE = NEW PRINCIPAL X RATE X (NO. OF DAYS IN #5) /360 =
    7. BALANCE DUE ON MATURITY DATE = NEW BALANCE + INTEREST ON MATURITY DATE =

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