Question

10.2.52 artial payments are made on the dates Indicated. Use the United States to determine the balance due on the note at the date of maturity (The Effective Date is the date the news written) Assume the year is not a leap y Effective Partial Payment Maturity Principal Rate Date Amount Date Date More Info Aug. 12 8 000 Sept. 10 Nov. 30 $94.000 4 Click the icon to view a table of the number of the day of the year for each date 318 les To Mar 3131 Mer Je N e Sept de The balance due on the note at the date of maturity (Round to the nearestent as needed.) 1 613 12 11 10 21 34 193 16 15 316 1 3 De 1301 213 314 Dell 10 11 12 13 14 15 16 De 3 1 132 133 136 13 1 183 184 114 115 156 15 31 Der 141 14 15 16 17 18 DIT 10 11 Fire Enter your answer in the answer box and then click Check Answer All parts showing MacBook Air

Answer 1

Solution Givendata: = $24,000 principle Rate = 47/8% 239% = 0.39 Effective date = Aug 12 Maturity date = No 1,30 NOW, principle cevi Il grow @39% 40: 390% = 24,000+24,006 0.039 x 29 365 =241074 -3652 [Aug 1270 sepio out of this, $6000 is paid on sep 10th = 29 days] So, current outstanding is : 24,074.3652 - 6000 = 18,07413652; Agouin, 390% this amount will groco to: 18,074.3652 + 18,074.3652x39x24 365 = 18,634,3695 Hill ocks.

we pay $6000 out of this, the balance on oats is: 18,639.3695=6000 on oct 8th = 12,634.3695 October month has 3 days, 4 so, balance. due on maturity is = 12,634-36954 12,634.3695%0•39x28 365 = 14561.4436 x les = 1347.201$ o