Question
You have a $22,500 line of credit which charges an annual percentage rate of prime rate plus 5%. Your starting balance on April 1 was
You have a $22,500 line of credit which charges an annual percentage rate of prime rate plus 5%. Your starting balance on April 1 was $6,750. On April 5, you made a payment of $2,500. On April 14, you borrowed $5,100, and on April 17, you borrowed $3,800. If the current prime rate is 8%, what is your new balance?
| a) | $15,885.12 | |
| b) | $13,250.17 | |
| c) | $13,150.14 | |
| d) | $14,699.54 |
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Financial Auditing With Information Technology Meeting The Challenge Of Cloud Computing Unstructured Data And Intangible Assets
Authors: J. Christopher Westland
1st Edition
149044873X, 978-1490448732
