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Find the adjusted balance due at maturity

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Reference no: EM131622924

Question: 1. Find the adjusted balance due at maturity for a 90-day note of $15,000 at 13.8% ordinary interest if a partial payment of $5,000 is made on the 60th day of the loan.

2. Raul Fletes borrowed $8,500 on a 300-day note that required ordinary interest at 11.76%. Raul paid $4,250 on the note on the 60th day. How much interest did he save by making the partial payment?

Reference no: EM131622924

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