posted by Opio
JAB Consulting has a $42,500 line of credit which charges an annual percentage rate of prime rate plus 5.5%. Their starting balance on May 1 was $7,800. On May 5 they borrowed $4,700. On May 13 the business made a payment of $2,000, and on May 19 they borrowed $2,900. If the current prime rate is 5%, what is the new balance?
-the average daily balance is 11,883.87, but it doesn't seem to be the right anser
It doesn't ask for the average daily balance, it asks for the new balance