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What is the new balance

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Question - 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 $1,600. On October 13 the business borrowed $2,700, and on October 19 they borrowed $4,600. If the current prime rate is 8%, what is the new balance?

Reference no: EM133161781

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