Question: Cargo corp owes 2 7 0 , 0 0 0 to first trust the debt is a 1 0 year 1 2 % note due

Cargo corp owes 270,000 to first trust the debt is a 10 year 12% note due December 31,2025 because cargo corp is in financial trouble first trust agrees to extend the maturity date to December 212027 reduce the principal to 220000 and reduce the interest rate to 5% payable annually on December 31

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