US Rule for Partial Payments
Follow this method
apply us rule to determine the balance at maturity and the total interest paid if the remainder of the loans is paid at maturity.
principal= $10,500
interest rate=9.5%
loan length in days=240
partial payment=$4,620
payment on day #=96
I have no idea how to do this problem or what this rule is.....can anyone help please...........
US Rule for Partial Payments
Follow this method