Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

تمرين 77

Alpine Construction, Inc. has a $100,000 line of credit with the Bow Valley Bank. The annual percentage rate is the current prime rate plus
. The balance on June 1 was $52,900. On June 8, Alpine borrowed $30,600 to pay for a shipment of lumber and roofing materials and on June 18 borrowed another $12,300 for equipment repairs. On June 28, a $35,000 payment was made on the account. The billing cycle for June has 30 days. The current prime rate is
.
a. What is the finance charge on the account
b. What is Alpine's new balance