On March 17, Luke borrowed $4,500 from his revolving line of credit. The current annual interest rate at the time was 5.30%. On April 30, Luke repaid $1,500, and concurrently the annual interest rate decreased to 5.10%. On June 30, Luke repaid the total amount borrowed, along with interest. Determine the interest amount to be repaid.
A) $51.80
B) $52.67
C) $53.48
D) $54.32
E) $55.15

Question

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The Answer of On March 17, Luke borrowed $4,500 from his revolving line of credit. The current annual interest rate at the time was 5.30%. On April 30, Luke repaid $1,500, and concurrently the annual interest rate decreased to 5.10%. On June 30, Luke repaid the total amount borrowed, along with interest. Determine the interest amount to be repaid.
A) $51.80
B) $52.67
C) $53.48
D) $54.32
E) $55.15

On March 17, Luke Borrowed $4,500 from His Revolving Line