Suppose your business has secured a line of credit and receives the accompanying statement of account for the month if October. The limit on vour line of credit is $1000.00. You receive daily interest of 1.6% p.a. on positive balances and pay daily interest of 7% p.a. on negative (line of credit) balances.

Overdraft interest is 17% p.a. on the daily amount exceeding your line of credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. Use this information to complete parts (a) through (e) below.

1. Calculate the amount of interest earned.
2. Calculate the amount of interest charged on the line of credit.
3. Calculate the amount of interest charged on overdrafts.
4. Calculate the amount of service charge.
5. What is the account balance on October 31?

III Cha he icon lo vow the stwistiont ior the month of Odober. Lotal mangert crened in 1 (b) Civcilite fie ariourl of nimeit thingod on fee ine of codt. toid kne uf Gedi meret charged a 3 (c) Cakciatn Fre amount of intreest chaped on overtath Overdat kherest of (d) Catidwe the athount of tervice chive Sicvice charge in (e) Whit in Pe account bewwick on Ocsober 31 ? Suppose your business has secured a line of credit and recoives the accompanying statement of account for the month if October. The limit on your line of credit is $1000.00. You receive daily interest of 1.6% p.a. on positive balances and paly daily interest of 7% p.a. on negative (line of credit) balances. Overdraft interest is 17% p.a. on the daily amount excoeding your line of credit limit, There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdratt. Use this information to complete parts (a) through (e) below. a. Caiculate the amount of interest earned. b. Calculate the amount of interest charged on the line of credit. c. Caiculate the amount of interest charged on overdrafts. d. Calculate the amount of service charge. e. What is the account balance on October 31 ? The account statement has been attached. October Statement III Cha he icon lo vow the stwistiont ior the month of Odober. Lotal mangert crened in 1 (b) Civcilite fie ariourl of nimeit thingod on fee ine of codt. toid kne uf Gedi meret charged a 3 (c) Cakciatn Fre amount of intreest chaped on overtath Overdat kherest of (d) Catidwe the athount of tervice chive Sicvice charge in (e) Whit in Pe account bewwick on Ocsober 31 ? Suppose your business has secured a line of credit and recoives the accompanying statement of account for the month if October. The limit on your line of credit is $1000.00. You receive daily interest of 1.6% p.a. on positive balances and paly daily interest of 7% p.a. on negative (line of credit) balances. Overdraft interest is 17% p.a. on the daily amount excoeding your line of credit limit, There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdratt. Use this information to complete parts (a) through (e) below. a. Caiculate the amount of interest earned. b. Calculate the amount of interest charged on the line of credit. c. Caiculate the amount of interest charged on overdrafts. d. Calculate the amount of service charge. e. What is the account balance on October 31 ? The account statement has been attached. October Statement