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LSDefine

Simple English definitions for legal terms

balance due

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A quick definition of balance due:

Balance due is the money that someone still owes after they were supposed to pay it. It's like when you borrow money from a friend and promise to pay them back, but you haven't paid them back yet. The balance due is the amount you still owe them. It's the same with bills or loans. If you don't pay the full amount you owe, the remaining amount is called the balance due. This doesn't include any extra money you might have to pay for being late.

A more thorough explanation:

Definition: Balance due refers to the amount of money that is still owed on an account or a loan. It is the outstanding principal amount that has not been paid off yet. This amount is usually shown on a statement or an invoice that has been sent to the borrower or the debtor.

Example 1: John has a credit card with a limit of $5,000. He has used $3,000 of his credit limit to make purchases. When he receives his credit card statement, he sees that he has a balance due of $2,000. This means that he still owes $2,000 to the credit card company for the purchases he made.

Example 2: Sarah took out a student loan to pay for her college tuition. The loan amount was $20,000, and the interest rate was 5%. After she graduated, she started making monthly payments of $300. When she checked her loan statement, she saw that she still had a balance due of $15,000. This means that she still owes $15,000 to the lender, which includes the principal amount and the interest that has accrued.

The examples illustrate that balance due is the amount of money that is still owed on an account or a loan. It is the outstanding principal amount that has not been paid off yet. In Example 1, John has used $3,000 of his credit limit, but he still owes $2,000 to the credit card company. In Example 2, Sarah has been making monthly payments, but she still owes $15,000 to the lender, which includes the principal amount and the interest that has accrued.

Baker v. Carr (1962) | balance sheet

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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