Tourist Trap souvenir shop has a business line of credit with an annual percentage rate...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Tourist Trap souvenir shop has a business line of credit with an annual percentage rate of prime plus 4.5%. The starting balance was $17,500 on March 1. On March 9 Tourist Trap borrowed $5521.84 to pay for a shipment of Tshirts and hoodies. On March 16, a payment of $2625 was made. On March 24 Tourist Trap borrowed an additional $2250 to pay for air conditioning repairs. The current prime rate is 1.7%.
What is the finance charge for March? $
What is the new balance as of April 1? $
What is the finance charge for March? $
What is the new balance as of April 1? $
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.