Shaunda Sanders borrows $16,000 on a 10.8%, 120-day note. On the 60th day, Shaunda pays $10,000 on

Question:

Shaunda Sanders borrows $16,000 on a 10.8%, 120-day note. On the 60th day, Shaunda pays $10,000 on the note. If ordinary interest is applied, what is Shaunda's adjusted principal after the partial payment? What is the adjusted balance due at maturity? What is the amount of interest saved by making the partial payment?