7. John borrowed $2,000 on May 23rd at an annual simple interest rate of 4.5%. The...

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7. John borrowed $2,000 on May 23rd at an annual simple interest rate of 4.5%. The length of the loan was 120 days. On July 13th, he made a partial payment of $800. a) Determine the maturity date of the loan. = May 23+ 120 days = Aug' 21st b) Determine the amount of interest paid and the new balance due on July 13th. c) Determine the amount of the final payment, including interest, on the maturity date of the loan. 7. John borrowed $2,000 on May 23rd at an annual simple interest rate of 4.5%. The length of the loan was 120 days. On July 13th, he made a partial payment of $800. a) Determine the maturity date of the loan. = May 23+ 120 days = Aug' 21st b) Determine the amount of interest paid and the new balance due on July 13th. c) Determine the amount of the final payment, including interest, on the maturity date of the loan.