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Calculate the adjusted principal after partial payment

✔ https://StudyForce.com ✔ https://Biology-Forums.com ✔ Ask questions here: https://Biology-Forums.com/index.php?... Follow us: ▶ Facebook:   / studyforceps   ▶ Instagram:   / studyforceonline   ▶ Twitter:   / studyforceps   To find the adjusted principal and adjusted balance due at maturity for a partial payment made before the maturity date: Step 1: Determine the exact time from the date of the loan to the first partial payment. Step 2: Calculate the interest using the time found in Step 1. Step 3: Subtract the amount of interest found in Step 2 from the partial payment. Step 4: Subtract the remainder of the partial payment (Step 3) from the original principal. This is the adjusted principal. Step 5: Repeat process for additional partial payments. Step 6: At maturity, calculate interest from the last partial payment and add to adjusted principal. This is the adjusted balance due at maturity. Q1. Tony borrows $5,000 on a 10%, 90 day note. On the 30th day, Tony pays $1,500 on the note. If ordinary interest is applied, what is Tony’s adjustedprincipal after the partial payment, and adjusted balance due at maturity? Q2. Malinda borrows $12,000 on a 9.5%, 90-day note. On the 30th day, Malinda pays $4,000 on the note. If ordinary interest is applied, what is Malinda’s adjusted principal after the partial payment? What is the adjusted balance due at maturity? What is the amount of interest saved by making the partial payment?