Scotiabank lent $20,000 to the owner of an established restaurant for some much needed renovations. This demand loan was given on February 1, 2012 at...

Scotiabank lent $20,000 to the owner of an established restaurant for some much

needed renovations. This demand loan was given on February 1, 2012 at 7.5% p.a. simple interest. Partial payments were made of $1000 on June 10, $400 on September 20, and $1200 on November 15.

Using the declining balance method, calculate the outstanding balance on December 31.