AFP
CTP · Question #352
(Topic 4) Based on the following information, how much money will XYZ Company owe the bank for monthly service charges after the earnings credit is applied? Average Ledger Balance$500,000 Deposit…
The correct answer is A. $0. See the full explanation below for the reasoning.
Question
- (Topic 4)
Based on the following information, how much money will XYZ Company owe the bank for monthly service charges after the earnings credit is applied? Average Ledger Balance$500,000 Deposit Float$10,000 Reserve Requirement10% Earnings Credit Rate5% Monthly Service Charges$5,000 Days in month30
Options
- A$0
- B$68.49
- C$436.99
- D$561.64
How the community answered
(18 responses)- A78% (14)
- B6% (1)
- C6% (1)
- D11% (2)
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