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.)

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.)

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 $1,200. 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.)

$ [Input box]

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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 $1,200. 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.) $ [Input box] Need Help? - Read It - Watch It - Master It - Talk to a Tutor [Submit Answer button]
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