# Maths

posted by .

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

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 =

• Maths -

Which specific part of this assignment do you need help with? Please tell us your thinking and figures on this and we'll try to help you.

• Maths -

I am sorry I did not paste the full question. Here it is. I need help in all as I am not able to understand this

Thanks

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

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 =

• Maths -

1. Days between effective date and partial payment?

How many days are there between May 15 and August 15?

2. Interest on partial payment date?
3. Principal paid?

You have the formulas. Just plug in the numbers.

• Maths -

1. 91 Days(I didn't include May 15 and August 15, Is this correct)

2. 6000*0.05*91/360 = 75.83

3. 1500 - 75.83 = 1424.17

4. 6000- 1424.17 = 4575.83

5. 77 days (again didn't include Aug15 Nov 1)

6. 4575.83*0.05*77/360 = 48.93

7. 4575.83+48.93 = 4624.76

• Maths -

• Maths -

Great Thanks a lot..

• Maths -

You're very welcome. :-)

## Similar Questions

1. ### Maths

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 …
2. ### math

A partial payment is made on the date(s) indicated. Use the United States Rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. …
3. ### Mathematics

An invoice is dated January 24 with terms 2/10 – 20x. Find the final discount date and the net payment date. The net payment date is 20 days after the final discount date. The final discount date is 2/23. The net payment date is …
4. ### Math

1. Ned’s Sheds purchases building materials from Timbertown Lumber for \$3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned’s decides to send in a \$2,000 partial payment. By what date must the partial payment be …
5. ### Math

Ned’s Sheds purchases building materials from Timbertown Lumber for \$3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned’s decides to send in a \$2,000 partial payment. By what date must the partial payment be sent …

Ned’s Sheds purchases building materials from Timbertown Lumber for \$3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned’s decides to send in a \$2,000 partial payment. By what date must the partial payment be sent …
7. ### MATH

Ned’s Sheds purchases building materials from Timbertown Lumber for \$3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned’s decides to send in a \$2,000 partial payment. By what date must the partial payment be sent …
8. ### Math

I DO NOT understand this at all and I worked on it and came up with answers but they were wrong?
9. ### Math

I DO NOT understand this at all and I worked on it and came up with answers but they were wrong?
10. ### math

Ned's Sheds purchases building materials from Timber town Lumber for \$3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned's decides to send in a \$2,000 partial payment. By what date must the partial payment be sent …

More Similar Questions