on Jul 10th, you sign a $1500 note with simple interest of 8% and a maturity date of Novmber 28th....

Question

on Jul 10th, you sign a $1500 note with simple interest of 8% and a maturity date of Novmber 28th. You make a partial payment of $575 on July 22nd. How much will you owe on the date of maturity?

Robert · Accepted Answer

Answer to TTs180612_Dia32670_1 
Considering 8% Annual Interest rate 
On 10th July Principle = $1500 
Till 22nd  July the simple Interest (13 days)= 1500x(13/365)x(8/100) = $4.27 
Total Amount = 1500+4.27 = $1504.27 
Amount Paid = $575 
Remaining Amount = 1504.27-575 =  $ 929.

on Jul 10th, you sign a $1500 note with simple interest of 8% and a maturity date of Novmber 28th. You make a partial payment of $575 on July 22nd. How much will you owe on the date of maturity?

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