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A line of credit (LOC) is a fixed amount of money that you can borrow at any time.

You did not answer. Dan opens a line of credit at a local bank, and immediately borrows 2080 dollars. 5 months later, he repays 1070 dollars. 4 months after the repayment, he borrows 740 more dollars. 6 months later, he repays 640 dollars. If no other transactions take place and the interest rate is 0.9 percent per month (compounded monthly), how much will he owe two years after he opened the line of credit? Answer = dollars,

You did not answer. Dan opens a line of credit at a local bank, and immediately borrows 2080 dollars. 5 months later, he repays 1070 dollars. 4 months after the repayment, he borrows 740 more dollars. 6 months later, he repays 640 dollars. If no other transactions take place and the interest rate is 0.9 percent per month (compounded monthly), how much will he owe two years after he opened the line of credit? Answer = dollars,

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 5Q

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