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Need major help with a "United States Rule" and "partial payment" question. PLEASE!
Attachment 23504
Here's the definition of the US Rule in case anyone needs it:
The US Rule determines interest paid on the loan after a partial payment is made before the due date of the loan. The partial payment pays the interest first for that given time and then a part of the principal. The interest for the remaining part of the loan is calculated on the new principal and the days since the partial payment. When applying the US Rule, the Banker's Rule is used to calculate the interest (360 days = 1 year and any fractional part of a year = exact number of days.)
Re: Need major help with a "United States Rule" and "partial payment" question. PLEAS
By the way, just click on the image that is attached to see the math problem, lol.
Re: Need major help with a "United States Rule" and "partial payment" question. PLEAS
The 2nd choice: $1,043.27 :
Code:
DATE DAYS PAYMENT INTEREST BALANCE
Apr 10 1900.00
May 30 [50] -400.00 15.83 1515.83
Aug 01 [63] -500.00 15.92 1031.75
Oct 07 [67] 11.52 1043.27
Interest calculation example (Aug 1st): .06/360 * 63 * 1515.83 = 15.92
