Frog's Leap Vineyards Has a $45,000 Line of Credit Which

question 17

Short Answer

Frog's Leap Vineyards has a $45,000 line of credit which charges an annual percentage rate of prime rate plus 6.5%. The starting balance on March 1 was $4,200. On March 8, they made a payment of $2,000, and on March 16, they borrowed $4,400. If the current prime rate is 10%, what is the new balance?

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Definitions:

Test Scores

Numerical or grading assessments that reflect the performance of individuals on examinations or tests.

Boxplot

A standardized way of displaying the distribution of data based on a five-number summary: minimum, first quartile, median, third quartile, and maximum.

Standard Deviation

Standard deviation is a measure of the amount of variation or dispersion in a set of values, showing how much the values in a dataset differ from the mean.

Standard Deviation

A measure that indicates the amount of variation or dispersion from the average in a set of data.