1. Use the United States Rule and/or the Banker's Rule to determine the balance due on the loan at the date of maturity.
The effective date is the date the loan was written. A day counting table may be found in the Consumer Mathematics chapter of your textbok.
Principal: $12,000.00
Rate: 9.5%
Effective Date: March 22
Maturity Date: December 5
Partial Payment Amount: $7,000.00
Partial Payment Due: August 30
$5,127.99
$5,478.74
$5,614.52
$5,650.87
1 answer