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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 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
. 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
Explanation
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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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