Approved work to date is $2,677,000; retainage is 10 percent and prior payments are $1,358,000. What current payment is due?
Correct Answer
D) $1,051,300
Earned less retainage = $2,677,000 x 0.90 = $2,409,300. Less prior payments of $1,358,000, the current payment is $1,051,300.
Why This Is the Correct Answer
The calculation gives $1,051,300 for the stated current payment.
Why the Other Options Are Wrong
Option A: $1,319,000
This ignores retainage on the approved work.
Option B: $2,409,300
This is earned less retainage, before prior payments are deducted.
Option C: $267,700
This is the retainage amount, not the payment due.
Memory Technique
Store current payment with its last math move; nearby answers are usually unfinished versions of $1,051,300.
Reference Hint
Open NASCLA Contractors Guide to Business, Law and Project Management, 14th Ed.; use the index entry or section for "current payment calculation" to confirm that The calculation gives $1,051,300 for the stated current payment.
Independent practice; verify any reference hint against the edition and category permitted for your booking. Official exam and reference-list sources →
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