Question

A partial payment is made on the date indicated. Use the United States rule to determine the

Answer 1

The balance due on the note at the date of maturity is $1012.49

Given,

Principal  = $2000

Int rate(r) = 5%

Effective date April 1

The partial payment date May 1

Maturity date June 1

partial payment is being made on May 1

Interest from April 1 to May 1 for 30 days and is calculated as:

$2000 x 0.05 x (30/365) = $8.21

Interest Amount deducted from the principal = $2000 - $8.21 = $1991.79

Amount applied to the principal = $1000 - $8.21 = $991.79

Principal  due = $2000 - $991.79 =$1008.21

Interest on new principal $1008.215 will be for (61` - 30 ) is 31 days

interest due = $1008.21 x 0.05 x (31/365) = $4.28

Account due on maturity (Total due) is $1012.49

What is the principal amount ?

The principal is the amount of  debt originally borrowed that  remains unpaid. This amount does not include accrued unpaid interest related to the debt. The term can also refer to a principal participant in a contract or other  transaction. Home loan equity is the amount of money originally borrowed by the lender, and  it can also refer to the amount of money remaining when the loan is paid off.

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