Suppose you have a line of credit and receivo the accompannying statement of account for the...

 

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Suppose you have a line of credit and receivo the accompannying statement of account for the month of September The limit on your line of credit is $1000.00 You recoive daily intorest of 19% pa on positive balances and pay daily interest of 5% pa on negative (ine of crodit) balances Overdralt interest is 17% pa on the daly amount exceoding your ine of credit limit There is a service charge of $5.00 for ench transaction causng an overdralt or adding to an ovordraft Use this information to complete parts (a) through (e) below A Click the icon to view the statoment for the month of Septomber (a) Calculate the amount of interest earmod Total interest earned s (Round to the nearest cent as needed Round all intermediate values to six decimal places as noeded) (b) Calculate the amount of intorest chargod on the line of crodit. Total ine of credit intorest charged $ (Round to the nearost cont as noeded Round all intermodiate vakes to six docimal places as noeded) (c) Cakulato the amount of interest charged on overdrafts Overdraft intorest S (Round to the nearost cent as neoded Round all intermediate values to six decimal places as needed) (d) Calculate the amount of service charge Service charge $] (Round to the nearest cent as needed Round all intermediate values to six decimal places as noeded) (e) What is the acount balance on September 307 The account balance on September 30 is dollars Enter your answer in each of the answer boxes. Suppose you have a line of credit and receivo the accompannying statement of account for the month of September The limit on your line of credit is $1000.00 You recoive daily intorest of 19% pa on positive balances and pay daily interest of 5% pa on negative (ine of crodit) balances Overdralt interest is 17% pa on the daly amount exceoding your ine of credit limit There is a service charge of $5.00 for ench transaction causng an overdralt or adding to an ovordraft Use this information to complete parts (a) through (e) below A Click the icon to view the statoment for the month of Septomber (a) Calculate the amount of interest earmod Total interest earned s (Round to the nearest cent as needed Round all intermediate values to six decimal places as noeded) (b) Calculate the amount of intorest chargod on the line of crodit. Total ine of credit intorest charged $ (Round to the nearost cont as noeded Round all intermodiate vakes to six docimal places as noeded) (c) Cakulato the amount of interest charged on overdrafts Overdraft intorest S (Round to the nearost cent as neoded Round all intermediate values to six decimal places as needed) (d) Calculate the amount of service charge Service charge $] (Round to the nearest cent as needed Round all intermediate values to six decimal places as noeded) (e) What is the acount balance on September 307 The account balance on September 30 is dollars Enter your answer in each of the answer boxes.

Answer rating: 100% (QA)

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