The Provincial Bank lent $20,000 to the owner of the Purple Pelican on April 1, 2023, for commercial improvements. The loan was secured by a demand note subject to a variable rate of interest. This rate was 7% on April 1. The rate of interest was raised to 9% effective August 1, and reduced to 8% effective November 1. Partial payments, applied to the loan by the declining balance method, were made as follows; June 10, $1,000; September 20, $400; November 15, $1,200. How much interest is due to the Provincial Bank on December 31? June 10, 2023 Calculate the interest accrued on the principal from April 1, to June 10. Find the amount left of the June 10 payment after the interest accrued is deducted. Find the new principal once the June 10 payment is applied to the principal of the loan.