Raul Fletes borrowed ​$7,500 on a 270​-day note that required ordinary interest at 11.58​%. Raul paid ​$3,750 on the note on the 225th day. How much interest did he save by making the partial​ payment?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Raul Fletes borrowed

​$7,500

on a

270​-day

note that required ordinary interest at

11.58​%.

Raul paid

​$3,750

on the note on the

225th

day. How much interest did he save by making the partial​ payment?

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