Jeremy borrowed  
$
10
,
000
$10,000  at  
15
%
15%  ordinary interest for  
122
122  days. On day  
24
24  of the loan, he made a partial payment of  
$
4
,
959
$4,959. On day  
66
66, he made another partial payment of  
$
5
,
070
$5,070. What is the maturity value of the loan after the partial payments?

To calculate the maturity value of Jeremy's loan after the partial payments, we need to account for the interest accrued and how the payments reduce the loan's principal over time.

Here are the steps:

### 1. **Step 1: Calculate the ordinary interest accrued before the first payment.**
Ordinary interest is calculated using the formula:

\[
I = P \times r \times \frac{t

Jeremy borrowed $10,000 at 15% ordinary interest for 122 days. On day 24 of the loan, he made a partial payment of $4,959. On day 66, he made another partial payment of $5,070. What is the maturity value of the loan after the partial payments?

Learn how to calculate the maturity value of a loan with partial payments. This example involves a $10,000 loan at 15% ordinary interest over 122 days with partial payments made on day 24 and day 66. Discover how to apply the simple interest formula to adjust for the payments.

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