Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of...

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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 $9,700. On October 4 they made a payment of $1,400. On October 13 the business borrowed $2,700, and on October 19 they borrowed $4,400. If the current prime rate is 6%, what is the new balance (in $)? (Round your answer to the nearest cent.) $ 15498.49 X 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 $9,700. On October 4 they made a payment of $1,400. On October 13 the business borrowed $2,700, and on October 19 they borrowed $4,400. If the current prime rate is 6%, what is the new balance (in $)? (Round your answer to the nearest cent.) $ 15498.49 X

Answer rating: 100% (QA)

Answer Balance is computed on 31 October as 1548192 From To Days Opening balance Charge Payment Inte... View the full answer