8. A partial payment on a loan (simple interest) will be made on the date indicated. Banker's rule applies. Principal: $37.000 Effective Date: Nov 3, 2020 Partial Pmt. Date: Dec 28, 2020 Annual Simple Interest Rate: 4.9% Maturity Date: Feb 11, 2021 Partial Pmt. Amount: $20,000 a. How much interest is due on Dec 28? Write the finance formula you will use for this problem. Write it in generic form as you see it on the formula sheet, without any numbers. (1 point) Use the formula to find the interest due on Dec 28. If necessary, round any intermediate decimal values in your calculation to at least 4-decimal places (5-decimal places is preferred). Express your answer to the nearest cent (S0.01). (2 points) b. How much of the partial payment on Dec 28 goes towards principal? (2 points) c. What is the new principal on Dec 28 (2 points) d. What is the total payment due on the maturity date? Write the finance formula you will use for this problem. Write it in generic form as you see it on the formula sheet, without any numbers. (1 point) Use the formula to find the total payment due on the maturity date. If necessary, round any intermediate decimal values in your calculation to at least 4-decimal places (5-decimal places is preferred). Express your answer to the nearest cent ($0.01). (2 points) Finance Formulas 1 = Prt FV = P(1 + rt) A - P(1 + rt) S - P(1 + rt) nt A P= NE 1+ FV P= nt TIC FV = P(1+3) (1+) ht - 1 A= d = nt + 5" nt [(1 + 5" fv@ d FV = 1 d = -nt +5"-1 P. 1-(1+5)* W1- Po W= -ht 1/1 - ( 1 + 7) P= m = -ht 1- (1 + 7 Day of Year 061 037 097 250 039 193 103 Day JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1 001 032 060 091 121 152 182 213 244 274 2 305 335 002 033 092 122 153 183 214 245 275 3 306 003 336 034 062 093 123 154 184 215 246 4 276 307 004 035 337 063 094 124 155 185 216 247 277 308 5 005 036 338 064 095 125 156 186 217 248 278 339 309 6 006 065 096 126 157 187 218 249 279 310 7 007 340 038 066 127 158 188 219 280 311 8 008 341 067 098 128 159 189 220 251 281 312 342 9 009 040 068 099 129 160 190 221 252 282 313 343 10 010 041 069 100 130 161 191 222 253 283 344 11 011 042 070 101 131 162 192 223 254 284 315 345 12 012 043 071 102 132 163 224 255 285 316 346 13 013 044 072 133 164 194 225 256 286 317 347 14 014 045 073 104 134 165 195 226 257 287 318 348 15 OTS 046 074 10S 135 166 196 227 258 288 319 349 16 016 047 075 106 136 167 197 228 259 289 320 350 17 017 048 076 107 137 168 198 229 260 290 321 351 18 018 049 077 108 138 169 199 230 261 291 322 352 19 019 050 078 109 139 170 200 231 262 292 323 20 020 051 079 110 140 171 201 263 293 324 354 21 021 052 080 111 141 172 202 233 264 294 325 355 22 022 053 081 112 142 173 203 234 265 295 326 356 23 023 054 082 113 143 174 204 235 266 296 327 24 024 055 083 144 175 205 236 267 297 328 358 25 025 056 084 115 145 176 206 237 268 298 359 26 026 057 085 116 146 177 207 238 269 299 330 360 27 027 058 086 117 147 178 208 239 270 300 331 361 28 028 059 087 118 148 179 209 240 271 301 332 362 29 029 060 088 119 149 180 210 241 272 302 333 363 30 030 089 120 150 181 211 242 273 303 334 364 31 031 090 151 212 243 304 365 **For leap years include the bored day and increase all days past it by one. **For non-leap year, do not include the boxed day and read all days past it as given. 353 232 357 329