The Mutt Hut Pet Shop borrowed $59,000 on March 1 for 132 days. The rate was 11% using the ordinary interest method. On day 30 of the loan, The Mutt Hut made a partial payment of $18,000, and on day 59 of the loan, The Mutt Hut made a second partial payment of $10,500. a. What is the new maturity value of the loan?
The Mutt Hut Pet Shop borrowed $59,000 on March 1 for 132 days. The rate was 11% using the ordinary interest method. On day 30 of the loan, The Mutt Hut made a partial payment of $18,000, and on day 59 of the loan, The Mutt Hut made a second partial payment of $10,500. a. What is the new maturity value of the loan?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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The Mutt Hut Pet Shop borrowed $59,000 on March 1 for 132 days. The rate was 11% using the ordinary interest method. On day 30 of the loan, The Mutt Hut made a partial payment of $18,000, and on day 59 of the loan, The Mutt Hut made a second partial payment of $10,500.
a. What is the new maturity value of the loan?
Round your answer to the nearest cent. Do not round intermediate calculations.
$
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