Thursday, March 19, 2020

Chapter 6 Financial Planning Exercise 6 Using overdraft protection line

Grace Wang has an overdraft protection line. Assume that her October 2020 statement showed a latest (new) balance of $335. If the line had a minimum monthly payment requirement of 7 percent of the latest balance, then what would be the minimum amount she'd have to pay on her overdraft protection line? Round your answer to the nearest $5 figure.
$   

$335 x 7% = $335 x .07 = $23.45 or $25, 
when rounded to the nearest five dollar figure.

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