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What is the adjusted balance due at maturity

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Reference no: EM131623029

Question: 1. Bam Doyen has a simple discount note for $6,250, at an ordinary bank discount rate of 9%, for 90 days. What is the effective interest rate? Round to the nearest tenth of a percent.

2. Sondra Davis borrows $6,000 on a 10%, 120-day note. On the 60th day, Sondra pays $2,000 on the note. If ordinary interest is applied, what is Sondra's adjusted principal after the partial payment? What is the adjusted balance due at maturity?

Reference no: EM131623029

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