Chris has a $42500 line of credit which charges an annual percentage rate of prime rate plus 5%. His starting balande on June 1 was $2950. On June 4, he borrowed $5,300. On June 9, Chris made a...

Chris has a $42500 line of credit which charges an annual percentage rate of prime rate plus 5%. His starting balande on June 1 was $2950. On June 4, he borrowed $5,300. On June 9, Chris made a payment of $800, and on June 17, he borrowed $5,400. If the current prime rate is 10%, what is his new balance?

the options are:

a. 12657.25

b. 12749.99

c. 12850.00

d. 12970.67