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?
A) $12,050.59
B) $12,598.99
C) $12,850.00
D) $12,766.83
D
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In the 1950s, the number of failures (of commercial banks and thrifts) per year averaged
A. near zero. B. about fifty. C. about 100. D. in the hundreds.
The government regulation of the minimum wage is an attempt to reduce:
a. poverty. b. unemployment. c. standard of living. d. discrimination.
For Caterpillar, a tractor and farm equipment manufacturer, spark plugs to be installed in its equipment would be classified on the balance sheet as
A. prepaid expenses. B. supplies. C. equipment. D. depreciation. E. inventory.
Assets and liabilities on the balance sheet are classified as
A) personal and business. B) short-term and long-term. C) fundamental and discretionary. D) secure and insecure.