### Line of credit which charges an annual percentage rate

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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?

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