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 what was the new maturity value of the loan
The new maturity value of the loan would be $15,000. This is calculated by subtracting the two partial payments from the original loan amount of $40,000, and then multiplying the remaining balance by the interest rate of 14%.
$40,000 - $15,000 - $10,000 = $15,000
$15,000 x 14% = $2,100
New maturity value = $15,000 + $2,100 = $17,100