A Partial Payment Is Made on the Date(s) Indicated A) $626977
B) $6283

question 60

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.
- $$\begin{array} { l l l l l l } \hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \\\text { Principal } & \text { Rate } & \text { Date } & \text { Date } & \text { Amount }& \text {Date } \\\hline&&&&\$ 3500 &\text { October } 12\\ { \$ 12,000 } & 3 \% & { \text { April 15 } } & \text { February 26 } & \$ 2500 & \text { January } 11 \\& & & & &\end{array}$$

• A) $6269.77
• B) $6283.30
• C) $6233.35
• D) $6255.97

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Definitions:

Marginal Utility

The increased happiness or usefulness gained by consuming an additional unit of a good or service.

Total Utility

The total satisfaction received from consuming a particular quantity of a good or service.

Utility Schedule

A table showing different quantities of a good and the utility or satisfaction derived from each quantity, used to analyze consumer preferences.

Marginal Utility

Additional enjoyment or value experienced from consuming an extra unit of a good or service.