Question
Sandy borrows $6,000 on a 10%, 120-day note. On the 60th day, she pays $2,000 on the note. If ordinary interest is applied, what is
Sandy borrows $6,000 on a 10%, 120-day note. On the 60th day, she pays $2,000 on the note. If ordinary interest is applied, what is the adjusted balance due to maturity?
- $4,100.00
- $4,198.63
- $4,300.00
- $4,168.33
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Corporate Finance A Focused Approach
Authors: Michael C. Ehrhardt, Eugene F. Brigham
4th Edition
1439078084, 978-1439078082
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