Asked by Dallas Thompson on Jun 07, 2024
Verified
Maia's chequing account was $329 overdrawn beginning on September 24. On October 9 she made a deposit that restored a credit balance. If she was charged overdraft interest of $2.50, what annual rate of simple interest was charged?
Overdrawn
A situation where an account has a negative balance due to the account holder spending more money than what is available in the account.
Annual Rate
The interest rate for a period of one year, often used for comparing the yields of investments or loans.
- Calculate the interest charges applicable to overdue accounts or late payments.
- Discover the impact of varying interest rates on the amount of interest accrued over different periods.
Verified Answer
SP
Learning Objectives
- Calculate the interest charges applicable to overdue accounts or late payments.
- Discover the impact of varying interest rates on the amount of interest accrued over different periods.