Use a Day Counting Table to Determine the Due Date

question 183

Multiple Choice

Use a day counting table to determine the due date of the loan if the loan is made on the given date for the given number of days.
-July 2 for 45 days

• A) September 15
• B) February 14
• C) February 16
• D) August 16

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Definitions:

Overages

Extra charges incurred when a project goes over its budget, often applied in construction, film production, or retail leasing contexts.

Underages

Instances where the quantity or amount of something is less than what is expected, required, or legally necessary.

Personal Property Security Act

Legislation that governs the creation and registration of security interests in personal property to secure payment or performance of an obligation.

Repossessed

The act of taking back goods or property by a seller or lender from the buyer or borrower due to non-compliance with the terms of the sale or loan.