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 balanceposted by Dusk_2_Dawn