Question: Crane Corp. owes 2 8 3 , 0 0 0 to Cheyenne Trust. The debt is a 1 0 - year, 1 2 % note

Crane Corp. owes 283,000 to Cheyenne Trust. The debt is a 10-year, 12% note due December 31,2025. Because Crane Corp. is in financial trouble, Cheyenne Trust agrees to extend the maturity date to December 31,2027, reduce the principal to $234,000, and reduce the interest rate to 7%, payable anually on December 31.

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