Assume Mr Patrick's overdraft application has been successful, and he was granted with RM300,000 overdraft limit. He started using the overdraft facility the next day and asked for the interest

charged at the end of the month.Calculate the interest charged based on the following information:

Total Overdrawn Value = RM 34,870

No. of Days Overdrawn = 29 days of January 2020

Interest Rate = BLR + 2% per annum

Answer rating: 100% (QA)

To calculate interest charge on overdraft we use the formula Overdraft interestPri... View the full answer