Business, 02.03.2020 19:31 iiisavageoreo

The Jewelry Exchange has a $30,000 line of credit with Nations Bank. The annual percentage rate is the current prime rate plus 4.9%. The balance on March 1 was $9,400. On March 6, the company borrowed $6,100 to pay for a shipment of supplies, and on March 17, it borrowed another $4,700 for equipment repairs. On March 24, a $11,000 payment was made on the account. The billing cycle for March has 31 days. The current prime rate is 10%.

Note: Round the periodic rate to the nearest hundredth percent. Round your answers to the nearest cent. Do not round any other intermediate calculations.

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?

$

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