Sheldrick Contracting owes Western Equipment $60,000 payable on June 14. In late April, Sheldrick has surplus cash and wants to settle its debt to Western Equipment, if Western will agree to a fair reduction reflecting the current 3.6% interest rate that short-term funds can earn. What amount on April 29 should Sheldrick propose to pay to Western?

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The Answer of Sheldrick Contracting owes Western Equipment $60,000 payable on June 14. In late April, Sheldrick has surplus cash and wants to settle its debt to Western Equipment, if Western will agree to a fair reduction reflecting the current 3.6% interest rate that short-term funds can earn. What amount on April 29 should Sheldrick propose to pay to Western?

Sheldrick Contracting Owes Western Equipment $60,000 Payable on June 14