PART 1: PARTIAL PAYMENTS USING THE UNITED STATES RULE Recommendation: Read Sec 10.2 in the eText especially Example 8 on pages 578-579. Problem: Alex enrolls in culinary school for French cuisine. He needs $2200 immediately to secure his place. He takes out a 180-day loan at 8.25% on February 2. Later, his employer is so Impressed with his commitment that he contributes $500 towards the tuition which Alex uses to make a partial payment on April 15. How much will Alex owe on the date the loan is due? 1. Determine the due date of the loan. (Use the Days in Each Month table.) 2. Determine the number of days from the start of the loan to the day of partial payment. 3. Determine the interest from the date of the loan to the day of the partial payment 4. Determine the amount of the partial payment applied to principal 5. Determine the balance of the loan after the partial payment. 6. Determine the interest on the day of partial payment to day of maturity, 7. Determine the amount Alex must pay on the date the loan is due