Asked by Kawan Kehal on May 10, 2024
Verified
The balance on Nucorp's revolving loan began the month at $35,000. On the eighth of the month another $10,000 was borrowed. Nucorp was able to repay $20,000 on the 25th of the 31-day month. What was the average balance on the loan during the month? (Use each day's closing balance as the loan balance for the day.)
Revolving Loan
A type of credit that allows the borrower to withdraw, repay, and redraw funds repeatedly up to a certain credit limit.
Average Balance
A calculation used by financial institutions to determine the average amount of money in an account over a specific period, often used to calculate interest charges or eligibility for benefits.
- Perform calculations of and examine average measures in personal and entrepreneurial finance settings.
Verified Answer
3[
Learning Objectives
- Perform calculations of and examine average measures in personal and entrepreneurial finance settings.
Related questions
Alihan's Transcript Shows the Following Academic Record for Four Semesters ...
An Account Receivable Is an Outstanding Debt Owed to a ...
A Hockey Goalie's Goals Against Average (GAA) Is the Average ...
A Seasonal Manufacturing Operation Began the Calendar Year with 14 ...
Accounting Metrics, Such as Cash Flow, Are Often Used to ...