A Partial Payment Is Made on the Date(s) Indicated A) $25174
B) $255

question 105

Multiple Choice

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.
- $$\begin{array} { l l l l c l } \hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \\\text { Principal } & \text { Rate } & \text { Date } & \text { Date } & \text { Amount } & \text { Date } \\\hline \$ 500 & 6 \% & \text { August 8 } & \text { February 6 } & \$ 257 & \text { December 2 } \\\hline\end{array}$$

• A) $251.74
• B) $255.45
• C) $255.70
• D) $245.67

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