Problemstacy took out a loan for 15000 her note was for 300, Ask an Expert

Accounting

Problem:

Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she made a partial payment of $5,000. On day 200 she made a second payment of $5,000. On day 250 she made yet a third payment of $2,500.

Requirement:

Question 1: What is the new maturity value of the loan after all three payments have been made? Show all of your work.

Question 2: How much did she save by making the partial payments?

Note: Provide support for rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171000

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