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5 September, 21:25

Ashley Anderson pays her HOA dues of $660 for the calendar year. She then sells her property and closes on June 15. What is the amount of the prepaid portion that is due back to Ashley using the 12 month, 360 day proration?

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  1. 6 September, 00:32
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    The amount of the prepaid portion that is due back to Ashley using the 12 month, 360 day proration is=$362.34

    Explanation:

    Step 1: Determine HOA per day

    Use the expression below to determine HOA per day;

    T=H*N

    where;

    T=total HOA dues per year

    H=HOA per day

    N=number of days in a year

    In our case;

    T=$660

    H=unknown

    N=360 days

    Replacing;

    660=H*360

    360 H=660

    H=660/360

    H=$1.83 per day

    Step 2: Determine amount of HOA that is due back

    Using the same expression;

    T=H*N

    but;

    T=unknown

    H=$1.83 per day

    N = (June, 15 days) + (July, 30) + (Aug, 31) + (Sep. 30) + (Oct 31) + (Nov 30) + (Dec 31)

    N = (15+30+31+30+31+30+31) = 198 days

    Replacing;

    T = (1.83*198) = $362.34

    The amount of the prepaid portion that is due back to Ashley using the 12 month, 360 day proration is=$362.34
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