Shaffer's Book Store Borrowed $30,000 on March 10 for 90

question 44

Short Answer

Shaffer's Book Store borrowed $30,000 on March 10 for 90 days. The interest rate was 9% using the ordinary interest method. On day 30 of the loan, Shaffer made a partial payment of $12,000, and on day 70 of the loan Shaffer made a second partial payment of $3,000. What is the new maturity value of the loan?

---

Definitions:

Work in Process

Inventory that includes goods that are in the production process but are not yet completed.

Finished Goods

These are completed products that are ready for sale but have not yet been sold to customers.

Cost of Goods Sold

Costs directly incurred in the manufacture of goods a company sells.