A partial payment is made on the date(s) indicated. Use the United States Rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year.
-$\begin{array} { l l l l l l }
\hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \

\text { Principal }&\text { Rate } & \text { Date } & \text { Date } & \text { Amount } & \text { Date } \
\hline \$ 1400 & 5.5 \% & \text { April 7 } & \text { August 5 } & \$ 500 & \text { June 18 } \
\hline
\end{array}$
A) $906.60
B) $925.47
C) $922.11
D) $920.43

Question

A partial payment is made on the date(s) indicated. Use the United States Rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year.
-$\begin{array} { l l l l l l } 
\hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \

\text { Principal }&\text {  Rate } & \text { Date } & \text { Date } & \text { Amount } & \text { Date } \
\hline \$ 1400 & 5.5 \% & \text { April 7 } & \text { August 5 } & \$ 500 & \text { June 18 } \
\hline
\end{array}$
A) $906.60
B) $925.47
C) $922.11
D) $920.43

Quizplus · Accepted Answer

The interest is calculated from April 7 to June 18, then the partial payment is subtracted. Interest is recalculated from June 18 to August 5 on the remaining balance.

A Partial Payment Is Made on the Date(s) Indicated A) $90660 B) $925

A Partial Payment Is Made on the Date(s) Indicated A) $90660
B) $925