Suzanne opens a line of credit at a local bank and, Ask an Expert

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Suzanne opens a line of credit at a local bank, and immediately borrows 2010 dollars. 6 months later, she repays 1060 dollars. 3 months after the repayment, she borrows 740 more dollars. 5 months later, she repays 610 dollars. If no other transactions take place and the interest rate is 1.15 percent per month (compounded monthly), how much will she owe two years after she opened the line of credit?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91419015

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