Chase has a $42,500 line of credit which charges an annual percentage rate of prime rate plus 5%. His starting balance on June 1 was $2,550. On June 4, he borrowed $5,300. On June 9, Chris made a payment of $800, and on June 17, he borrowed $5,600. If the current prime rate is 10%, what is his new balance?

12,766.83

Step-by-step explanation:

Total interest rate = 10%+5% = 15%

Daily rate = 15%/360 = 0.000417

Balance from June 1 to June 4th = 2550. Interest for this duration = 3 days*0.000417*2550 = 3.1875

Balance from June 4th to June 9th = 2550+5300 = 7850. Interest for this duration = 5 days*0.000417*7850 = 16.3541

Balance from June 9th to June 17th = 7850 - 800 = 7050. Interest for this duration = 8 days*0.000417*7050 = 23.5

Balance from June 17th to June 30th = 7050+5600 = 12650. Interest for this duration = 14 days*0.000417*12650 = 73.7916

Total interest = 3.1875+16.3541+23.5+73.7916 = 116.833

Thus new balance = 12,650+116.833

= 12,766.83

c.

step-by-step explanation:

because first you have to add the 4x, 9x, and the 7x together and you get 20x and then you add the last numbers up and you get 5and then you put the subtraction sign in there and that's how you get the answer.