Cook Security Systems has a $37,500 line of credit, which charges an annual percentage rate of prime rate plus 4%

Finance Nov 27, 2020

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 $9,900.

On October 4 they made a payment of $1,600. On October 13 the business borrowed $2,700, 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.)

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