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Determine the missing information for the following line of credit for the month of March. Date Transaction Deposit Withdrawal Balance Feb 28 Balance -628.97
Determine the missing information for the following line of credit for the month of March. Date Transaction Deposit Withdrawal Balance Feb 28 Balance -628.97 Mar 2 Cheque 264 600 -1,228.97 Mar 6 Cheque 265 200 -1,428.97 Mar 11 Deposit 2,500 1,071.03 Mar 18 Cheque 266 242 829.03 Mar 20 Cheque 267 900 -70.97 Mar 22 Cheque 268 80.36 -151.33 Mar 26 Cheque 269 200 -351.33 Mar 31 Daily interest of 1.25% p.a. is earned on all positive balances. Daily interest of 8.75% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 17.75% p.a. is charged on daily amounts exceeding $1,000. Service charge of $9.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. 2.) Determine the amount of interest charged on the line of credit. (a positive value) (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value) 5.) Determine the account balance of March 31, 2021. (This will be a negative number!)
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