Maths
posted by Kim .
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

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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