Find (a) the exact interest and (b) the ordinary interest. Round answers to the nearest cent
Malinda Levi borrows $12,000 on a 9.5% , 90 day note. On the 30th day, Malinda pays $4,000 on the note. If ordinary interest is applied, what is Malinda’s adjusted principal after the partial payment? What is the adjusted balance due at maturity?
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