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Up Your Alley Paving has a $37,500 line of credit which charges an annual percentage rate of prime rate plus 6%. Their starting balance on August 1 was $5,400. On August 7 they borrowed $2,400. On August 10 the business made a payment of $700, and on August 17 they borrowed $4,800. If the current prime rate is 6%, what is the new balance?

Reference no: EM13973218

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Current prime rate-new balance : Up Your Alley Paving has a $37,500 line of credit which charges an annual percentage rate of prime rate plus 6%. Their starting balance on August 1 was $5,400. On August 7 they borrowed $2,400. On August 10 the business made a payment of $700, and..
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