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You have a $22,500 line of credit which charges an annual percentage rate of prime rate plus 5%. Your starting balance on April 1 was $6,750. On April 5, you made a payment of $2,500. On April 14, you borrowed $5,100, and on April 17, you borrowed $3,800. If the current prime rate is 8%, what is your new balance?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91590212

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