A $2.4 million contract has a 8% Advance payment, amortized at 25%, and a retention of 6%. The Contractor had completed a cumulative value of $503,000 worth of work on the project up to the previous month. If the contractor has requested payment for completing $117,000 worth of work this month, how much will this month's payment to the contractor be?

Answer rating: 100% (QA)

To calculate this months payment to the contractor we need to consider the advance payment the amort... View the full answer