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 $9,300.On October 4 they made a payment of $1,600. On October 13 the business borrowed $2,900, and on October 19 they borrowed $4,600. If the current prime rate is 8%, what is the new balance (in $)? (Round your answer to the nearest cent.)$ 15658.71X

Prime rate :- The prime rate is the rate of interest charged by commercial banks to their most…

Answered: Cook Security Systems has a $37,500…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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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 $9,100. On October 4 they made a payment of $1,800. On October 13 the business borrowed $2,300, and on October 19 they borrowed $4,800. If the current prime rate is 6%, what is the new balance (in \$) ? (Round your answer to the nearest cent.)
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 $9,500. 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 6%, what is the new balance (in $)? (Round your answer to the nearest cent.) ta
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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 $9,300. On October 4 they made a payment of $1,800. On October 13 the business borrowed $2,500, and on October 19 they borrowed $4,200. If the current prime rate is 8%, what is the new balance (in $)?
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