Question: Cook Security Systems has a $ 3 7 , 5 0 0 line of credit, which charges an annual percentage rate of prime rate plus

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 $2,500, and on October 19 they borrowed $4,400. If the current prime rate is 8%, what is the new balance (in $)?(Round your answer to the nearest cent.)

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