The seller and the buyer agreed to a purchase price of $270,000 with the closing to occur on June 15. The seller's loan balance after the June 1 payment was $170,000. with an interest rate of 6%.The monthly payment was $1,800 principal and interest. What was the loan balance the day of closing, and how much interest did the seller owe the bank

Loan balance is $170,000

Interest Due is $425

Explanation:

Loan outstanding is the amount of liability which payable by the business at any date. Interest is charged on the loan, yearly, semiannually, quarterly and monthly.

On Closing Day only 15 of interest has been accrued.

Interest Expense = Loan outstanding x Interest rate x Time portion = $170,000 x 6% x 15/360 = $425

So, Loan balance is $170,000

Interest Due is $425

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.