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At the present, you have a $42,500 line of credit which charges an annual percentage rate of prime rate plus 6.5%. Your starting balance on

At the present, you have a $42,500 line of credit which charges an annual percentage rate of prime rate plus 6.5%. Your starting balance on May 1 was $6,400. On May 4 you borrowed $4,300. On May 8 you made a payment of $2,400, and on May 11 you borrowed $3,700. If the current prime rate is 6%, what is your new balance?

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