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.
-$\begin{array}{llllll}
\hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \
\text { Principal } & \text { Rate } & \text { Date } & \text { Date } & \text { Amount } & \text { Date } \
\hline \$ 11,000 & 3.5 \% & \text { March 22 } & \text { December 5 } & \$ 6000 & \text { August 30 } \
\hline
\end{array}$

A) $5220.96
B) $5163.74
C) $5047.15
D) $5208.39

Question

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.
-$\begin{array}{llllll}
\hline & & \text { Effective } & \text { Maturity } & \text { Partial } & \text { Payment } \
\text { Principal } & \text { Rate } & \text { Date } & \text { Date } & \text { Amount } & \text { Date } \
\hline \$ 11,000 & 3.5 \% & \text { March 22 } & \text { December 5 } & \$ 6000 & \text { August 30 } \
\hline
\end{array}$

A) $5220.96
B) $5163.74
C) $5047.15
D) $5208.39

Quizplus · Accepted Answer

The correct answer is A because the balance due on the note at the date of maturity is $5220.96. The United States Rule is used to calculate the balance due on a note at the date of maturity. The rule states that the balance due is equal to the principal amount of the note minus the sum of the payments made on the note. In this case, the principal amount of the note is $11,000 and the payment made on the note is $6000. Therefore, the balance due on the note at the date of maturity is $11,000 - $6000 = $5220.96.

A Partial Payment Is Made on the Date(s) Indicated A) $522096 B) $5163

A Partial Payment Is Made on the Date(s) Indicated A) $522096
B) $5163