If a Payment of $900 Is Made on March 20

question 62

Multiple Choice

If a payment of $900 is made on March 20, what will be the new balance?

• A) $918.00
• B) $900.00
• C) $918.37
• D) $947.00
• E) $946.63

---

Definitions:

Down Payment

An initial payment made when purchasing an item on credit, particularly real estate, often expressed as a percentage of the purchase price.

Annual Interest Rate

The annual interest rate is the percentage of principal charged by the lender for the use of its money over one year.

Down Payment

An initial upfront partial payment for the purchase of expensive items/services such as a home or a car.

Annual Payments

Payments made once a year, often related to loans, leases, or insurance policies.