Swimming Pool Problem A payment that is less than the full amount owed and made prior to the due date is known as a partial payment. A Supreme Court decision specified the method by which these payments are credited. The procedure is called the United States rule. The United States rule states that if a partial payment is made on the loan, interest is computed on the principal from the first day of the loan until the date of the partial payment. The partial payment is used to pay the interest first; the rest of the payment is us ed to reduce the principal. The balance due on the date of maturity is found by computing interest due since the last partial payment and adding this interest to the unpaid principal. - For this problem, you are to answer each question in complete sentences, and you are expected to show all work, to receive full credit. (You will also need to explain your answer to at least one classmate, on the day of submission. - 10 points) The Jones family would like to add a $35,000 swimming pool to their backyard. To pay for the swimming pool, they make a down payment of $10,000, and on March 17, 2021, they take out a 420 -day loan for the remainder of the cost, at an interest rate of 9.5%. Mr. Jones receives a $5,000 bonus at the end of the year. So, on January 2, 2022, they apply the bonus as a partial payment to their loan. Mrs. Jones also contributes $3,000 of her own savings to the loan as a partial payment on April 9, 2022. 1. Determine the maturity date of the loan. (18 points) 2. Determine the interest and the amount credited to the principal on January 2,2022. (18 points) 3. Determine the interest and the amount credited to the principal on April 9, 2022. (18 points) 4. Determine the amount that the Jones family must pay at maturity of the loan. (18 points) 5. Determine the interest saved by choosing to make partial payments. (18 points)