Question: Where is this question from? which test bank or text book? Austin Properties owes its creditor $50 million under an 8% note with three years

Where is this question from? which test bank or text book?

Austin Properties owes its creditor $50 million under an 8% note with three years remaining to maturity. Due to financial difficulties of the developer, the previous years interest was not paid. First Prudent Bank agrees to: 1. Forgive the interest accrued from last year. 2. Reduce the principal to $45 million. What is the new effective interest for the debt after restructuring:

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