Question: 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

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. The effective date is the date the note was written. Assume the year is not a leap year and use the Banker's rule of 360 days in a year.

P=11,000, rate 4.5%, Effective date April 15, Maturity date February 26.

Partial Payments

$4500 October 12,

$2500 January 11

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