A partial payment is made on the date(s) indicated. Use the United States rule to determine the balance due on the note at the date of maturity. The Effective Date is the date the note was written. Assume the year is not a leap year. Where appropriate, round interest calculations to the nearest cent.

Transcribed Image Text:

Effec- tive Date Amount Prin- Partial Payment(s) Date(s) Oct. 31 Maturity Date Rate cipal Dec. 31 $8500 11.5% Sep. 1 $4250