Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of March. The limit on your line of credit is $1000.00. You receive daily interest...

Extracted text: Suppose your business has secured a line of credit and receives the accompanying statement of account for the month of March. The limit on your line of credit is $1000.00. You receive daily interest of 1.1% p.a. on positive balances and pay daily interest of 6% p.a. on negative (line of credit) balances. Overdraft interest is 19% 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. E Click the icon to view the statement for the month of March.


Extracted text: (a) Calculate the amount of interest earned. Total interest earned = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) March Statement (b) Calculate the amount of interest charged on the line of credit. Total line of credit interest charged = s Transaction Deposit Withdrawal Balance Date Description (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) March 3 Balance - 738.78 (c) Calculate the amount of interest charged on overdrafts. - 1189.78 Cheque 263 Cheque 264 Deposit 9 451.00 - 1439.78 740.22 15 250.00 Overdraft interest = Ss 2180.00 20 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 25 Cheque 265 119.00 621.22 (d) Calculate the amount of service charge. 27 Cheque 266 248.00 373.22 31 Service charge = $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (e) What is the account balance on March 31? Print Done The account balance on March 31 is dollars. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)