Euromart Tile Company borrowed $40,000 on April 6 for 66 days. The rate was 14% using the ordinary interest rate 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?

To calculate the new maturity value of the loan, we first need to determine the interest accumulated up to day 25 and day 45 separately.

Step 1: Calculate the interest up to day 25.
Loan amount: $40,000
Number of days: 25
Interest rate: 14%

Interest accrued for 25 days can be calculated using the formula:
Interest = (Principal * Rate * Time) / (365 or 360)

Interest25 = (40,000 * 0.14 * 25) / 365

Next, we calculate the remaining principal after the first partial payment of $15,000.
Remaining principal = $40,000 - $15,000 = $25,000

Step 2: Calculate the interest up to day 45.
Loan amount: $25,000
Number of days: (45 - 25) = 20 (since we need to calculate the additional interest from day 26 to day 45)
Interest rate: 14%

Interest45 = (25,000 * 0.14 * 20) / 365

Now that we have the interest accrued up to day 25 and day 45, we can calculate the new maturity value.

Step 3: Calculate the total interest.
Total interest = Interest25 + Interest45

Step 4: Calculate the new maturity value.
New maturity value = Loan amount + Total interest - Partial payments

New maturity value = $40,000 + (Total interest) - ($15,000 + $10,000)

Once you have the calculated total interest, you can substitute it into the formula to find the new maturity value.