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Author Question: The Century Corporation has a 50,000 line of credit with Prime Bank. The annual percentage rate is ... (Read 86 times)

wenmo

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on: Jun 24, 2018
The Century Corporation has a 50,000 line of credit with Prime Bank. The annual percentage rate is the current prime plus 4.3 based on the average daily balance. The balance of the account on September 1 was 18,200. On September 12 Century borrowed 10,000 to pay for a shipment of merchandise, and on September 18 they borrowed another 5,200 for equipment rental. On September 25 a 20,000 payment was made on the account. The current prime rate is 6 1/2. a. What is the finance charge on the account? b. What is Century's new balance?

Question 2

Kate and Allie sell stereos. Last month Kate sold 14 more stereos than Allie. Together they sold 92. How many stereos did Allie sell?


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Chou

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Reply #1 on: Jun 24, 2018
Answer to Question 1

a. 205.08
b. 13,605.08

Answer to Question 2

39 stereos


wenmo

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Reply 2 on: Jun 24, 2018
Thanks for the timely response, appreciate it

dantucker

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Reply 3 on: Yesterday
Wow, this really help

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