Cook's security system has a $37,500 line of credit, which charges an annual percentage variety of a prime rate plus 4%. The starting balance on October 1st was $9100 on October 4th. They made a payment of $1200 on October 13th. The business borrowed $2500 in October 19th. They borrowed $4200 if the current prime rate is 6 %, what is the new balance in dollars rounded to your nearest cent?

Cook's security system has a $37,500 line of credit, which charges an annual percentage variety of a prime rate plus 4%. The starting balance on October 1st was $9100 on October 4th. They made a payment of $1200 on October 13th. The business borrowed $2500 in October 19th. They borrowed $4200 if the current prime rate is 6 %, what is the new balance in dollars rounded to your nearest cent?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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cool security systems has $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 $1,200. On October 13 the business borrowed $2,500 , 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.)
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