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A bank that provides overdraft protection charges 9 percent for each $100 (or portion of $100) borrowed when an overdraft occurs. a. What amount of
A bank that provides overdraft protection charges 9 percent for each $100 (or portion of $100) borrowed when an overdraft occurs. a. What amount of interest would the customer pay for an overdraft of $220? (Assume the interest is for the full amount borrowed for a whole year.) (Round your answer to 2 decimal places.) Interest amount b. How much would be saved by using the overdraft protection loan if a customer has three overdraft charges of $25 each during the year? Savings
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