teve Perry borrowed $50,000 at 12% ordinary interest for 60 days. On day 20 of the loan, Steve made a partial payment of $5,000. What is the new maturity value (in $) of the loan? (Round your answer to two decimal places.)

teve Perry borrowed $50,000 at 12% ordinary interest for 60 days. On day 20 of the loan, Steve made a partial payment of $5,000. What is the new maturity value (in $) of the loan? (Round your answer to two decimal places.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...

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Steve Perry borrowed $50,000 at 12% ordinary interest for 60 days. On day 20 of the loan, Steve made a partial payment of $5,000. What is the new maturity value (in $) of the loan? (Round your answer to two decimal places.)

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