Which of the following is not true of the U.S. Rule?
A)Calculate interest on principal from date of loan to date of first payment
B)Allows borrower to receive proper interest credits
C)Can use 360 days in its calculations
D)Can involve more than one payment before maturity date
E)None of these

Question

Quizplus · Accepted Answer

The U.S. Rule involves all the mentioned aspects: calculating interest on the principal from the date of the loan to the date of the first payment, allowing borrowers to receive proper interest credits, using 360 days in its calculations, and involving more than one payment before the maturity date. Therefore, none of the statements provided is incorrect regarding the U.S. Rule.

Which of the Following Is Not True of the U