Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,500.On October 4 they made a payment of $1,400. On October 13 the business borrowed $2,500, and on October 19 they borrowed $4,400. If the current prime rate is 6%, what is the new balance (in$)? (Round your answer to the nearest cent.)ta

The line of credit refers to the borrowing limit that a financial institution provides to its…

Answered: Cook Security Systems has a $37,500…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Jefferson Bank made a loan at 7% interest for 238 days. If the amount of interest was $300.81, use the ordinary interest method to find the amount of principal (in $) borrowed. (Round your answer to the nearest dollar.) Need Help? Read It Watch It Master It
Your office supply has a line of credit that charges an annual percentage rate of prime rate plus 3%. Their starting balance on March 1st was $10,600. On March 5th they borrowed $7,500. On March 14th the business made a payment of $3,300 and in March 18th they borrowed $5,300. If the current prime rate is 9% what is the new balance? $26,100.00 $20,276.10 $27,583.43 $18,400.29
Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,100. On October 4 they made a payment of $1,400. On October 13 the business borrowed $2,100, and on October 19 they borrowed $4,800. If the current prime rate is 8%, what is the new balance (in $)? (Round your answer to the nearest cent.)
The credit terms offered to a customer by a business firm are 2/10, n/30, which means that the customer must pay the bill within 10 days. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date. the customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. two sales returns can be made within 10 days of the invoice date and no returns thereafter.
2) Medwig Corporation has a DSO of 18 days. The company averages $3,000 in sales each day (all customers take credit). What is the company's average accounts receivable? Assume a 365-day year. Round your answer to the nearest dollar. $
Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,300. On October 4 they made a payment of $1,800. On October 13 the business borrowed $2,500, and on October 19 they borrowed $4,400. If the current prime rate is 6%, what is the new balance (in $)? (Round your answer to the nearest cent.) $ 11,145.48
Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,100. On October 4 they made a payment of $1,400. On October 13 the business borrowed $2,900, and on October 19 they borrowed $4,200. If the current prime rate is 8%, what is the new balance (in $)? (Round your answer to the nearest cent.) $
Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,900. On October 4 they made a payment of $1,400. On October 13 the business borrowed $2,900, and on October 19 they borrowed $4,200. If the current prime rate is 6%, what is the new balance (in $)? (Round your answer to the nearest cent.)
Medwig Corporation has a DSO of 24 days. The company averages $7, 750 in sales each day ( all customers take credit). What is the company's average accounts receivable? Assume a 365 day year. Round your answer to the nearest dollar. $
Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,900. On October 4 they made a payment of $1,800. On October 13 the business borrowed $2,700, and on October 19 they borrowed $4,200. If the current prime rate is 8%, what is the new balance (in $)? (Round your answer to the nearest cent.)
Cooper Stereos has a $22,500 line of credit which charges an annual percentage rate of prime rate plus 5.5%. Their starting balance on October 1 was $11,100. On October 10 they borrowed $5,500. On October 16 the business made a payment of $1,500, and on October 23 they borrowed $4,200. If the current prime rate is 6%, what is the new balance?
Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%. The starting balance on October 1 was $9,300. On October 4 they made a payment of $1,800. On October 13 the business borrowed $2,500, and on October 19 they borrowed $4,400. If the current prime rate is 6%, what is the new balance (in $)? (Round your answer to the nearest cent.) $

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