Final answer:
The remaining balance due on the maturity date of the loan is $310.79.
Step-by-step explanation:
To find out how much is due on the maturity date of the loan, we need to calculate the remaining balance after the partial payment. Since the loan term is 60 days and the partial payment is made on Jan. 25th, there are 35 days remaining until the maturity date. We first need to calculate the interest on the loan for the remaining 35 days and then add it to the remaining principal balance.
The interest on the loan for the remaining 35 days can be calculated using the simple interest formula: Interest = Principal × Rate × Time.
Principal = $300, Remaining Time = 35 days, Rate = 12%.
Interest = $300 × 0.12 × (35/365) = $10.79.
Therefore, the remaining balance due on the maturity date of the loan is the sum of the remaining principal balance and the interest: $300 + $10.79 = $310.79.