Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
(c) Calculate the amount of interest charged on overdrafts. Overdraft interest = $O (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (d) Calculate the amount of service charge. Service charge = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (e) What is the account balance on March 31? The account balance on March 31 isO dollars.

(c) Calculate the amount of interest charged on overdrafts. Overdraft interest = $O (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (d) Calculate the amount of service charge. Service charge = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (e) What is the account balance on March 31? The account balance on March 31 isO dollars.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
See similar textbooks
icon
Related questions
Question

part C D E

(a) Calculate the amount of interest earned. Total interest earned = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) March Statement (b) Calculate the amount of interest charged on the line of credit. Total line of credit interest charged = s Transaction Deposit Withdrawal Balance Date Description (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) March 3 Balance - 738.78 (c) Calculate the amount of interest charged on overdrafts. - 1189.78 Cheque 263 Cheque 264 Deposit 9 451.00 - 1439.78 740.22 15 250.00 Overdraft interest = Ss 2180.00 20 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 25 Cheque 265 119.00 621.22 (d) Calculate the amount of service charge. 27 Cheque 266 248.00 373.22 31 Service charge = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (e) What is the account balance on March 31? Print Done The account balance on March 31 is dollars. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:(a) Calculate the amount of interest earned. Total interest earned = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) March Statement (b) Calculate the amount of interest charged on the line of credit. Total line of credit interest charged = s Transaction Deposit Withdrawal Balance Date Description (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) March 3 Balance - 738.78 (c) Calculate the amount of interest charged on overdrafts. - 1189.78 Cheque 263 Cheque 264 Deposit 9 451.00 - 1439.78 740.22 15 250.00 Overdraft interest = Ss 2180.00 20 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 25 Cheque 265 119.00 621.22 (d) Calculate the amount of service charge. 27 Cheque 266 248.00 373.22 31 Service charge = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (e) What is the account balance on March 31? Print Done The account balance on March 31 is dollars. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of March. The limit on your line of credit is $1000.00. You receive daily interest of 1.1% p.a. on positive balances and pay daily interest of 6% p.a. on negative (line of credit) balances. Overdraft interest is 19% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. Click the icon to view the statement for the month of March.
Transcribed Image Text:Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of March. The limit on your line of credit is $1000.00. You receive daily interest of 1.1% p.a. on positive balances and pay daily interest of 6% p.a. on negative (line of credit) balances. Overdraft interest is 19% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below. Click the icon to view the statement for the month of March.
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,
SEE MORE TEXTBOOKS