Find the adjusted balance due at maturity for a 90 day note of $15000 at 13.7% ordinary interest if a partial payment of $4000 is made on the 60th day of the loan.

8315.66

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To find the adjusted balance due at maturity, we need to calculate the interest on the note for the 60-day period and subtract the partial payment made.

Step 1: Calculate the interest for the 60-day period:
Interest = Principal * Rate * Time
Principal = $15000
Rate = 13.7% or 0.137
Time = 60/365 (since the interest is calculated on an ordinary interest basis, assuming a 365-day year)

Interest = $15000 * 0.137 * (60/365) = $301.92 (rounded to the nearest cent)

Step 2: Subtract the partial payment made:
Adjusted Balance Due = Principal + Interest - Partial Payment
Principal = $15000
Interest = $301.92 (from Step 1)
Partial Payment = $4000

Adjusted Balance Due = $15000 + $301.92 - $4000 = $11301.92

Therefore, the adjusted balance due at maturity for the 90-day note is $11,301.92.

To find the adjusted balance due at maturity for a 90-day note with a partial payment made on the 60th day, we need to follow a few steps:

Step 1: Calculate the interest on the entire loan amount for 60 days.
Step 2: Subtract the partial payment made from the calculated interest in Step 1.
Step 3: Calculate the new interest on the remaining balance for the remaining days (from day 61 to day 90).
Step 4: Add the new interest calculated in Step 3 to the remaining balance from Step 2.
Step 5: The result obtained in Step 4 will be the adjusted balance due at maturity.

First, let's calculate the interest on the entire loan amount for 60 days:

Interest = Loan Amount * Interest Rate * Time
Interest = $15,000 * 13.7% * (60/365) [Since the interest rate is given as an annual percentage, we'll convert the number of days to a fraction of a year.]

Interest = $335.62 (approx)

Next, subtract the partial payment made on the 60th day:

Adjusted Balance = Initial Balance - Partial Payment
Adjusted Balance = $15,000 - $4,000
Adjusted Balance = $11,000

Now, let's calculate the interest on the remaining balance for the remaining 30 days (from day 61 to day 90):

Interest = Remaining Balance * Interest Rate * Time
Interest = $11,000 * 13.7% * (30/365)

Interest = $118.90 (approx)

Finally, add the new interest calculated in Step 3 to the remaining balance from Step 2:

Adjusted Balance = Remaining Balance + New Interest
Adjusted Balance = $11,000 + $118.90
Adjusted Balance = $11,118.90

Therefore, the adjusted balance due at maturity for the 90-day note with a partial payment of $4,000 made on the 60th day is approximately $11,118.90.