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How much would be saved by using the overdraft

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Reference no: EM132462738

A bank that provides overdraft protection charges 13 percent for each $100 (or portion of $100) borrowed when an overdraft occurs.

Question a. What amount of interest would the customer pay for an overdraft of $280? (Assume the interest is for the full amount borrowed for a whole year.) (Round your answer to 2 decimal places.)

  • Interest amount:

Question b. How much would be saved by using the overdraft protection loan if a customer has three overdraft charges of $35 each during the year?

  • Savings:

Reference no: EM132462738

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