A partial payment is made on the date 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.EffectivePartial PaymentMaturityPrincipal$4000RateDateAmountDateDateMore Info5%April 1$3000May 1June 1Click the icon to view a table of the number of the day of the year for each date.The balance due on the note at the date of maturity is $Days in Each Month(Round to the nearest cent as needed.)Day of312831303130313130313031MonthJan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Day 11326091121 152 182 213 244 274305 335Day 22336192122 153 183 214 245 275 306 336Day 3346293123 154184 215 246276 307 337Day 44356394124 155 185 216 247 277308 338Day 55366495125156 186 217 248 278 309 339Day 66.376596126 157187 218 249279 310 340Day 77386697127158188 219 250280 311341Day 8396798128 159 189 220 251281312 342Day 99.406899129160 190 221 252 282313 343Day 10104169100130 161191222 253283314344Day 11114270101131 162 192 223 254284315 345Day 12124371102132 163193 224 255 285 316 346Day 13134472103133 164194 225 256286317347Day 14144573104134 165195 226 257287318 348Day 15154674105135166 196 227 258288319 349Day 16164775106136167197 228 259289320 350Day 17174876107 137168 198 229 260290 321351Day 18184977108138 169 199 230 261291322 352Day 19195078109139170 200 231 262292 323 353Day 20205179110140 171201 232 263293324 354Day 21215280111141 172 202 233 264 294 325 355Day 22225381112142173203 234 265 295 326356Enter your answer in the answer box.Day 23235482113143174 204 235 266 296327 357

Here, Principal Amount is $4,000 Interest Rate is 5% Effective Date is April 1 Partial Payment made on May 1 Partial Payment made is $3,000 The Maturity Date is June 1 No. of Days between April 1 and May 1 is 30 days Calculation of total amount outstanding on Partial Payment Date is as follows: Total Amount Outstanding = Principal Amount + Principal Amount×Interest Rate×No. of Days365=$4,000+$4000×.05×30365=$4,000+16.4383561643=$4,016.4383561643=$4,016.44Calculation of Net Amount Outstanding on Partial Payment Date is as follows: Net Amount Outstanding = Total Amount Outstanding - Partial Payment=$4,016.44-$3,000=$1,016.44No. of Days between 1 May and 1 June is 31 days. Calculation of Balance due on the date of maturity is as follows: Total Amount due at maturity = Principal Amount + Principal Amount×Interest Rate×No. of Days365=$1,016.44+$1,016.44×.05×31365=$1,016.44+4.31638904106=$1,020.75638904=$1,020.76 Answer: The Balance due on the note at the date of maturity is $1,020.76