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

Exercise 3

The Jewelry Exchange has a $30,000 line of credit with Nations Bank. The annual percentage rate is the current prime rate plus 4.7%. The balance on March 1 was $8,400. Qn March 6, the company borrowed $6,900 to pay for a shipment of supplies, and on March 17 it borrowed another $4,500 for equipment repairs. On March 24, a $10,000 payment was made on the account. The billing cycle for March has 31 days. The current prime rate is 9%.
a. What is the finance charge on the account
b. What is the company's new balance
c. On April 1, how much credit does the Jewelry Exchange have left on the account