Your office supply has a 42500 line of credit that charges, Ask an Expert

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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 $5,300. If the current prime rate is 9%, what is the new balance?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91590217

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