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pleasw help! Suppose your business has secured a line of credit and receives the accompanying statoment of account for the month of October. The limit
pleasw help!
Suppose your business has secured a line of credit and receives the accompanying statoment of account for the month of October. The limit an your line of credit is $1000.00. You recelve daily interest of 1.8% p.a. on positive balances and pay daiy interest of 7% p.a. on negative (ine of credit) balances. Overdraft interest is 18% p.a an the daily amount exceeding your line of credit limi. There is a service charge of 55.00 for each transaction causing an overufat or adding to an overdraft. Use this information to complete parts (a) through (e) below. Click the icon to view the statement for the month of October. October Statement (a) Calculate the amount of interest eamed. Total interest eamed =$ (Round the final answer to the nearest cent as needed. Round all in (b) Calculate the amount of interest charged on the line of credit. Total line of credit interost charged =$ (Round the final answer to the nearest cent as needed. Round all in) (c) Calculate the amount of interest charged on overdrafts: Overdtaf interest =$ (Round the final answer to the nearest cent as needed. Round at in) (d) Calculate the amount of service charge Step by Step Solution
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