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Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of July
Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of July. The limit on your line of credit is $1000.00. You receive daily interest of 1.7% p a on positive balances and pay daily interest of 7% p.a. on negative (line of credit) balances. Overdraft interest is 21% p.a on the daily amount exceeding your line of the credit limit. There is a service charge of $5.00 for each transaction causing an overdraft or adding to an overdraft. what is the total interest earned?
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