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Barnes Bank lent $20,000 to the owner of an established restaurant for some muchneeded renovations.This demand loan was given on February 1, 2012 at 7.5%

Barnes Bank lent $20,000 to the owner of an established restaurant for some muchneeded renovations.This demand loan was given on February 1, 2012 at 7.5% p.a.simple interest.Partial payments were made of $1000 on June 10, $400 onSeptember 20, and $1200 on November 15.

Using the declining balance method, calculate the outstanding balance on December 31.

d)Nov 15 to Dec 31:

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