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What is new balance for chris

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Question 1: Chris has a $42,500 line of credit which charges an annual percentage rate of prime rate plus 5%. His starting balance on June 1 was $2550. On June 4 he borrowed $5300. One June 9, Chris made a payment of $800, and on June 17 he borrowed $5600. If the current prime rate is 10%, what is his new balance?

Reference no: EM132864959

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