The Jewelry Exchange has a $30,000 line of credit with Nations Bank. The annual percentage rate is the current prime rate plus 4.2%. The balance on March 1 was $8,000. On March 6, the company borrowed $7,000 to pay for a shipment of supplies, and on March 17, it borrowed another $4,000 for equipment repairs. On March 24, a $10,400 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? $
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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