A partial payment is made on the date indicated. Use the united states rule to determine the balance due on the note at the date of maturity? Assume the year is not a leap year. Principle- $4000, Rate 4%, Effective date May ,Partial payment amount- $2000,Date June 1,Maturity date July 1
| Interest on principal from April 1 to May 1 i.e. for 31 days | |
| Interest = 4000*4%*31/365 | 13.59 |
| Principal due after partpayment = 4000 + 13.59 - 2000 | 2013.59 |
| Interest from May 1 to June 1 i.e. for 31 days | |
| Interest = 2013.59*4%*31/365 | 6.84 |
| Amount due on maturity = 2013.59 + 6.84 | 2020.43 |