A business owner borrowed $8,500 on a 15% 90-day note.

On the 30th day, the business owner paid $2,000 on the note.

a.) What is the ordinary interest on 30 days? The ordinary interest on 30 days is $106.25

b.) If ordinary interest is applied, what is the amount of partial payment applied to the principal? The amount of partial payment applied to the principal is $1893.75.

c.) If ordinary interest is applied, what is the adjusted principal balance after the partial payment? The adjusted principal balance after the partial payment is $6606.25

d.) What is the interest due on the adjusted principal? The interest due on the adjusted principal is $165.16

e.) What is the adjusted balance due at maturity? For Step D. When finding the interest due on the adjusted principal is the formal ($6606.25) (15%) (60/360) or ($6606.25) (15%) (90/360) Essentially do you subtract 30 days from the ordinary interest due to the partial payment made above, or do you continue using the (90/360)?