On August 15, 2015, Low Rider Automotive established a line of credit at its bank, with interest at 8 75 p a This line of credit was used to purchase $5000 of inventory and supplies Low Rider paid $5113 87 to satisfy the incurred debt On what date did Low Rider Automotive honour the line of credit ...

On August 15, 2015, Low Rider Automotive established a line of credit at its bank, with interest

Question:

On August 15, 2015, Low Rider Automotive established a at its bank, with interest at 8.75% p.a. This was used to purchase $5000 of inventory and supplies. Low Rider paid $5113.87 to satisfy the incurred debt. On what date did Low Rider Automotive honour the Line of Credit
A line of credit (LOC) is a preset borrowing limit that can be used at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A LOC is...