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 $)? (Round your answer to the nearest cent.) 2$
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 $)? (Round your answer to the nearest cent.) 2$
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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![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.)
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb4aed2c-42d5-40f8-86ed-70daed21effa%2Fee2ea3b6-2732-4afe-8b55-7208d405ae5f%2Fyqcggwy_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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