Hi can you help me with this problem?and explain it to me thanks!
-
Euromart Tile Company borrowed $40,000 on April 6 for 66 days. The rate was 14% using the ordinary interest method. On day 25 of the loan, Euromart made a partial payment of $15,000, and on day 45 of the loan, Euromart made a second partial payment of $10,000.
a.
What was the new maturity value of the loan?
b. What was the maturity date of the loan?
