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Show work please Tourist Trap souvenir shop has a business line of credit with an annual percentage rate of prime plus 4.5%. The starting balance
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Tourist Trap souvenir shop has a business line of credit with an annual percentage rate of prime plus 4.5%. The starting balance was $21,900 on March 1. On March 9 Tourist Trap borrowed $6263.85 to pay for a shipment of Tshirts and hoodies. On March 14, a payment of 53285 was made. On March 27 Tourist Trap borrowed an additional $3760 to pay for air conditioning repairs. The current prime rate is 1.5%. What is the finance charge for March? What is the new balance as of April 1?$Step by Step Solution
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