(Answered) A firm has a 75000 line of credit the annual percentage

Management Studies

A firm has a 75,000$ line of credit. The annual percentage rate is the current prime rate plus 4.5%. The balance on November 1 was $12,300. On November 7 the firm borrowed $16,700 to pay for merchandise, and on November 21 it borrowed another $8,800. On November 26, a $20,000 payment was made on the account. The billing cycle for November has 30 days. If the current prime rate is 8.5% what is the finance charge on the account, and what is the firm's new balance?

View complete question

Business Management, Management Studies

Category:- Business Management
Reference No.:- M92227143
Price:- $20

Verified Expert

Priced at $40 Now at $20, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Management

Do you think there is some type of diversity we really

Do you think there is some type of diversity we really aren't interested in? Or, perhaps what we really are looking for is an end to discrimination, but at some point in the last 10-15 years that has morphed into the con ...

True or false the implied warranty of merchantability means

True Or False: The "implied warranty of merchantability" means a seller's basic promise that the goods sold will do what they are supposed to do and that there is nothing significantly wrong with them.

Project part 1 - prepare and submit 1-2 page statement of

Project Part 1 - Prepare and submit 1-2 page statement of work (SOW) to describe the need to create, design and implement the database that you propose for your project. Check syllabus and review sample SOW available und ...

Differentiate between a price taker and a price setterif

Differentiate between a price taker and a price setter. If you were the manager of a primary care clinic, which strategy would you choose and why.

What happens to the least cost ration if the price of both

What happens to the least cost ration if the price of both of it's feed ingredients doubles?

Stews plastics produces a variety of cd cases the

Stew's Plastics produces a variety of CD cases. The best-selling product is the CD-50. Several products are produced on the same manufacturing line, so there is a setup cost each time a changeover is made for a new produ ...

The usnbspgovernment like many governments throughout

The U.S.? government, like many governments throughout the? world, bailed out large financial institutions that were thought to be?"too big to? fail" during the 2008 financial crisis. Suppose a bank has the opportunity t ...

Miriam is a senior manager for an international chain of

Miriam is a senior manager for an international chain of fitness centers. Two suppliers provide exercise machines for her company. Which of the following is the wisest advice on how Miriam should manage her suppliers? 1. ...

We were discussing the concept of systems thinking and how

We were discussing the concept of Systems thinking and how it is essentially learning about oneself in interaction with the surrounding world. How do you applying this concept to the work environment.

Toy wooden blocks are packaged in bags of 9 one bag

Toy wooden blocks are packaged in bags of 9. One bag contains 6 maple blocks and 3 birch blocks, while a second bag contains 5 maple blocks and 4 birch blocks. One block is drawn from the first bag and placed into the se ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Management Expert