Partial Note Payment 84431C
1. **State the problem:** Aim High Services accepted a 60-day, 10% note for 12000 on April 12, 2024. On June 11, the customer can pay only half the note, and the due date is extended by 30 days for half the principal. We need to compute the partial payment made on June 11.
2. **Identify the formula for interest on a note:**
$$\text{Interest} = P \times r \times t$$
where $P$ is the principal, $r$ is the annual interest rate, and $t$ is the time in years.
3. **Calculate the time elapsed from April 12 to June 11:**
April 12 to June 11 is 60 days (the original term).
4. **Calculate interest on the full principal for 60 days:**
$$P = 12000, \quad r = 0.10, \quad t = \frac{60}{360} = \frac{1}{6}$$
$$\text{Interest} = 12000 \times 0.10 \times \frac{1}{6} = 200$$
5. **Total amount due at maturity (June 11) for full principal:**
$$12000 + 200 = 12200$$
6. **Customer can pay only half the note principal on June 11:**
Half principal = $\frac{12000}{2} = 6000$
7. **Calculate interest on half principal for 60 days:**
$$6000 \times 0.10 \times \frac{60}{360} = 6000 \times 0.10 \times \frac{1}{6} = 100$$
8. **Partial payment on June 11 includes half principal plus interest:**
$$6000 + 100 = 6100$$
**Final answer:** The amount of partial payment made on June 11 is **6100**.