Your Office Supply has a $42,500 line of credit that charges an annual percentage rate of prime rate plus 3%. Their starting balance on March 1 was $10,600. On March 5, they borrowed $7,500. On March 14, the business made a payment of $3,300, and on March 18, they borrowed $5300. If the current prime rate is 9%, what is the new balance? a) $18,400.29 O b) $27,583.43 c) $20,276.10 d) s26,100.00

Your Office Supply has a $42,500 line of credit that charges an annual percentage rate of prime rate plus 3%. Their starting balance on March 1 was $10,600. On March 5, they borrowed $7,500. On March 14, the business made a payment of $3,300, and on March 18, they borrowed $5300. If the current prime rate is 9%, what is the new balance? a) $18,400.29 O b) $27,583.43 c) $20,276.10 d) s26,100.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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