A progress payment includes $186,000 of earned work with 5% retainage. How much retainage is withheld?
Correct Answer
C) $9,300
Retainage is $186,000 x 5% = $9,300.
Why This Is the Correct Answer
Retainage is $186,000 x 5% = $9,300.
Why the Other Options Are Wrong
Option A: $5,580
retainage withheld, choice a: $5,580 uses the wrong retainage base or stops before netting retainage; the.
Option B: $18,600
retainage withheld, choice c: $18,600 is wrong because $18,600 uses the wrong retainage base or stops before netting retainage; the.
Option D: $176,700
retainage withheld, choice d: $176,700 uses the wrong retainage base or stops before netting retainage; the.
Memory Technique
Say the retainage withheld rule aloud as a chain; the chain ends at $9,300, not an intermediate stop.
Reference Hint
Open NASCLA Contractors Guide to Business, Law and Project Management, 14th Ed.; use the index entry or section for "retainage" to confirm that Retainage is $186,000 x 5% = $9,300.
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