Question

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 $1,600. On October 13 the business borrowed $2,500, and on October 19 they borrowed $4,400. If the current prime rate is 8%, what is the new balance (in $)? (Round your answer to the nearest cent.)

Answer 1

Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate 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 $9,100.plus 4%. The starting balance on Octobe The annual percentage rate is prime plus 4% so APR = 6% +4% =10 % · Periodic rate = APR/ 12 months = 10/12 = 0.8333333 % · Average daily balance = Sum of the

Explanation:

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