I need help working out this problem. Please explain in detail.   Polly Flin borrowed $5,000 for 60 days at 6%. On day 15, Polly made a $2,000 partial payment. (Assume a 360-day year) What is Polly’s ending balance due?   How much did Polly save by making the partial payment?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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I need help working out this problem. Please explain in detail.

 

Polly Flin borrowed $5,000 for 60 days at 6%. On day 15, Polly made a $2,000 partial payment. (Assume a 360-day year)

What is Polly’s ending balance due?

 

How much did Polly save by making the partial payment?

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