The following information is from John Jones's monthly bank account statement:
| Date | Description | Withdrawals | Deposits | Balance |
|---|---|---|---|---|
| \text{10-08} | \text{Previous balance} | 0.55 | ||
| \text{10-14} | \text{Payroll Deposit - Hotel} | 694.81 | 695.36 | |
| \text{10-14} | \text{Web Bill Payment - MASTERCARD} | 200.00 | 495.36 | |
| \text{10-16} | \text{ATM Withdrawal - Interac} | 21.25 | 474.11 | |
| \text{10-16} | \text{Fees - Interac} | 1.50 | 472.61 | |
| \text{10-20} | \text{Interac Purchase - Electronics} | 2.99 | 469.62 | |
| \text{10-21} | \text{Web Bill Payment - Amex} | 300.00 | 169.62 | |
| \text{10-22} | \text{ATM Withdrawal - First Bank} | 100.00 | 69.62 | |
| \text{10-23} | \text{Interac Purchase - Supermarket} | 29.08 | 40.54 | |
| \text{10-24} | \text{Interac Refund - Electronics} | 2.99 | 43.53 | |
| \text{10-27} | \text{Telephone Bill Payment - VISA} | 6.77 | 36.76 | |
| \text{10-28} | \text{Payroll Deposit - Hotel} | 694.81 | 731.57 | |
| \text{10-30} | \text{Web Funds Transfer - From Savings} | 50.00 | 781.57 | |
| \text{11-03} | \text{Pre-Auth. Payment - Insurance} | 33.55 | 748.02 | |
| \text{11-03} | \text{Cheque No. - }409 | 100.00 | 648.02 | |
| \text{11-06} | \text{Mortgage payment} | 710.49 | -62.47 | |
| \text{11-07} | \text{Fees - Overdraft} | 5.00 | -67.47 | |
| \text{11-08} | \text{Fees - Monthly} | 5.00 | -72.47 | |
| \text{Totals:} | 1515.63 | 1442.61 |
How much did John Jones withdraw from A.T.M.s over the course of the statement period?
How much was taken out of the account in fees during the statement period?
How much was the specific withdrawal from the account which was later added back in?
How much did John Jones receive in payments from the Hotel payroll during the month?
The table below shows one month of records from a savings account:
| \text{Date} | \text{Item} | \text{Debit (\$)} | \text{Credit (\$)} | \text{Balance (\$)} |
|---|---|---|---|---|
| 3/8/15 | \text{Deposit from dad} | 0 | 70 | 124.52 |
| 8/8/15 | \text{iTunes account} | 10 | 0 | |
| 10/8/15 | \text{Wage} | 0 | 233.02 | |
| 16/8/15 | \text{Supersave E.F.T.} | 0 | 217.95 | |
| 20/8/15 | \text{Savings} | 0 | 25 | |
| 24/8/15 | \text{Wage} | 0 | 361.45 | |
| 1/9/15 | \text{Interest} | 0 | 0.30 |
Complete the table by filling in the missing figures.
What were the total debits from the account over the month?
What were the total credits on the account over the month?
What was the opening balance on 1/8/15?
Rochelle receives the following statement from her bank, detailing her last month of transactions:
| Date | Description | Amount | Amount | Balance |
|---|---|---|---|---|
| 04/8/12 | \text{Salary} | \$4000 | \$5337.78 | |
| 11/8/12 | \text{E.F.T. to Mr. Jones (Rent)} | -\$1650 | \$3687.78 | |
| 12/8/12 | \text{Car Insurance} | -\$71.25 | \$3616.53 | |
| 23/8/12 | \text{Ticket Refund} | \$81.50 | \$3698.03 | |
| 29/8/12 | \text{Visa Payment to Sallys Surf n Ski} | -\$79.99 | \$3618.04 | |
| 01/9/12 | \text{Account Fees} | -\$4 | \$3614.04 | |
| 02/9/12 | \text{YourBank A.T.M. Withdrawal} | -\$40 | \$3574.04 | |
| \text{Total Remaining:} | \$3574.04 |
What is the total amount that has been credited to Rochelle's account over this month?
How much was withdrawn from the account in August?
Rochelle wants to put 25\% of her remaining money from this period into savings. How much should she put away?
The table below shows the informations from a monthly credit card statement:
| \text{Statement begins} | 5 \text{ June } 2011 | |||
|---|---|---|---|---|
| \text{Statement Ends} | 4 \text{ July } 2011 | |||
| \text{Account Number} | 310035012023 | |||
| \text{Payment due date} | \text{4 Aug 2011} | |||
| \text{Min payment due} | ||||
| \text{Overdue} | \text{Opening Balance} | \text{New Charges} | \text{Payments/ Refunds} | \text{Closing Balance} |
| \$0.00 | \$1742.82 | |||
| \text{Dat} | \text{Transaction Details} | \text{Amount (\$)} | ||
| \text{8 June} | \text{Ecoholidays} | 855.27 | ||
| \text{12 June} | \text{FashionWear} | 179.21 | ||
| \text{13 June} | \text{Wages} | 989.12 | ||
| \text{17 June} | \text{Gifts Online} | 193.77 | ||
| \text{19 June} | \text{Electricity Austrlia} | 134.67 | ||
| \text{24 June} | \text{Edgecliff Council} | 175.46 | ||
| \text{27 June} | \text{Repayments} | 989.12 | ||
| \text{3 July} | \text{Pizza People} | 32.45 |
| Credit Limit | Annual Rate | Daily Rate |
|---|---|---|
| \$3000 | 16.425\% |
Find the following, assuming there are 365 days in a year:
Opening balance
Total charges for the month.
Total payments for the month.
Closing balance
Credit limit
Available credit
Annual interest rate, to three decimal places.
Daily interest rate, to three decimal places.
When is the minimum payment due?
If the minimum payment due is 18\% of the balance at the end of the statement period, find the minimum payment due.
What is the interest due if the balance is paid 21 days after the due date?
Fred has \$300 in a savings account. If his account earns simple interest at a rate of 1.15\% p.a., how much interest will he earn over 2 years?
Rochelle has \$450 in a savings account. If her account earns simple interest at a rate of 0.9\% p.a., how much interest will she earn over 15 months?
Brad has a savings account, which earns simple interest at a rate of 1.1\% p.a. If he earns \$25 in interest over 2.5 years, how much was in the savings account to begin with?
Calculate the equivalent annual rate of interest for the following situations as a percentage to two decimal places. Assume that there are 365 days in a year.
A daily rate of 0.047\%.
A monthly rate of 0.2\% .
A quarterly rate of 0.177\%.
A semiannual rate of 0.04\%.
If the annual interest rate is 12\%, what is the equivalent daily interest rate? Round your answer to four decimal places.
Tracy bought a wireless router, valued at \$96, with her credit card on 1 May. Her credit card has no interest free period and interest is charged at 9\% p.a. from the date of purchase. Tracy paid off her purchase and interest charge on 14 June.
What was the equivalent daily interest rate charged by her credit card company? Round your answer to four decimal places.
How much did it cost her to buy the a wireless router with her credit card?
How much interest did she accumulate?
Calculate the interest due on outstanding credit card balance situations:
\$800 for 10 days if the interest rate is 0.053\% per day.
\$500 for 31 days if the interest rate is 2.2\% per annum, compounded daily (Assume that there are 365 days per year).
Calculate the closing balance on a credit card with opening balance \$1068, if purchases to the amount of \$802 and repayments to the amount of \$643 are made during the month.
In the past month, Tracy made purchases to the amount of \$482 and repayments to the amount of \$114 on her new credit card, which charges interest at 3\% p.a. compounded monthly.
Find the closing balance before interest.
Find the closing balance after interest.
If the credit card company requires a minimum payment of 5\% of the closing balance, what is the minimum payment Sally will have to pay?
If Sally only pays the minimum amount, what is her balance owing?
The opening balance on a credit card is \$1600, and purchases of \$631 and repayments of \$419 are made during the month. If the credit card company requires a minimum payment of 8\% of the closing balance, find the minimum payment required.
Skye purchased a \$105 walkie talkie with her credit card on 4 January. Her credit card has no interest free period and interest is charged at 0.069\% per day from the date of purchase. Skye paid off her purchase and interest charge on 26 January.
How many days of interest did she accumulate on her debt?
How much did she pay for the walkie talkie altogether?
How much interest was she charged?
Sandy paid \$244 for a skirt with her credit card on 20 September. Her credit card has an interest free period of 55 days and interest is charged at 0.043\% per day. Sandy paid off her purchase and interest charge on 6 December.
How many days did she accumulate interest on her debt?
How much did she pay for the skirt altogether?
How much interest was she charged?
A credit card is used to borrow \$1600. Calculate the amount owed after 38 days if the interest rate is 6.4\% p.a. compounded daily.
Derek bought a set of \$96 headphones with his credit card on 24 March. His credit card has an interest free period of 55 days and interest is charged at 14\% p.a. Derek paid off his purchase and interest charge on the 14th of June.
How much did he have to pay to clear his debt?
Rosey used her credit card to buy a camera, priced at \$3783, on 19 July. Her credit card has an interest free period of 55 days and interest is charged at 0.042\% per day. Rosey paid off \$702 of her debt on 16 August and the remainder on 19 October, 95 days after the date of purchase.
How much did she have to pay in total to clear her debt?
How much interest was she charged?
A bank charges an account service fee of \$16 per month and a general transaction fee of \$0.90. Calculate the total fees incurred by a customer in a one-month period in which she makes 15 transactions.
A bank charges an account service fee of \$16 per month, an ATM transaction fee of \$0.45, a telephone transaction fee of \$0.30, an internet transaction fee of \$0.30 and a branch transaction fee of \$0.20.
Calculate the total fees incurred by a customer in a 3-month period in which he makes 4 transactions at ATMs, 8 transactions over the phone, 2 transactions via the internet and 9 transactions at a branch.
A bank charges a periodic payment dishonour fee of \$25, an overdrawn account fee of \$25, a cheque dishonour fee of \$40, a stop cheque fee of \$15, a late payment fee of \$30 and an over-limit fee of \$30.
Calculate the total penalty fees needed to be paid by a customer who incurs 4 periodic payment dishonour fees, 3 overdrawn account fees, 5 cheque dishonour fees, 4 stop cheque fees, 4 late payment fees and 4 over-limit fees.
For spending above the credit limit, Frank's credit card company charges a fee of \$23 plus 0.076\% per day on the amount owing above the limit. There is a credit limit of \$2646 and Frank uses his card to pay for a motorbike which costs \$3178.
Find the amount of credit Frank used above his limit.
What is the penalty fee that Frank will incur if he pays off the cost of the motorbike 6 days after the date of purchase?
Brad used his credit card to pay for a \$173 computer desk on 5 July, a \$72 stereo on 9 July, a \$90 pair of socks on 11 July and a \$201 pair of sunglasses on 14 July.
His credit card charges interest at 0.049\% per day from the date of purchase. Brad paid off his account in full on 20 August.
How much did Brad pay for the items all together?
Brad also had to pay a late fee of 5\% of the total repayment due. How much was the late fee?
How much did Brad pay in interest and fees?
The following table compares the fees charged by a range of banks:
What bank has the lowest penalty fees?
What bank has the highest transaction fees?
What bank has the lowest account service fee?
Calculate the average account service fee charged by the banks.
How much higher is Bank 3's account service fee than the average of all three banks?
How much lower is Bank 3's late payment fee than the average of all three banks?
| \text{Bank } 1 | \text{Bank } 2 | \text{Bank } 3 | |
|---|---|---|---|
| Account service | \$12 | \$13 | \$20 |
| ATM transaction | \$0.25 | \$0.30 | \$0.55 |
| Telephone transaction | \$0.20 | \$0.30 | \$0.60 |
| Internet transaction | \$0.35 | \$0.45 | \$0.70 |
| Branch transaction | \$0.20 | \$0.40 | \$0.60 |
| Payment dishonour | \$40 | \$37 | \$21 |
| Overdrawn | \$39 | \$20 | \$22 |
| Cheque dishonour | \$36 | \$36 | \$21 |
| Stop Cheque | \$15 | \$15 | \$9 |
| Late payment | \$38 | \$28 | \$21 |
| Over-limit | \$32 | \$34 | \$22 |
The following table shows the full range of a bank's fees:
Calculate the total banking costs for the following customers over a 2-month period:
A customer makes 3 telephone transactions and 5 branch transactions, and incurs 5 overdrawn account fees, 4 stop cheque fees and 4 late payment fees.
A customer makes 2 ATM transactions and 6 internet transactions, and incurs 5 period payment dishonour fees, 5 cheque dishonour fees and 4 over-limit fees.
A customer makes 4 ATM transactions, 2 phone transactions, 4 internet transactions and 2 branch transactions, and incurs 3 period payment dishonour fees, 2 overdrawn account fees, 3 cheque dishonour fees, 4 stop cheque fees, 2 late payment fees and 5 over-limit fees.
| Fee type | Fee amount |
|---|---|
| \text{Account service (per month)} | \$16 |
| \text{ATM transaction} | \$0.40 |
| \text{Telephone transaction} | \$0.70 |
| \text{Internet transaction} | \$0.70 |
| \text{Branch transaction} | \$0.70 |
| \text{Periodic payment dishonour} | \$35 |
| \text{Overdrawn account} | \$40 |
| \text{Cheque dishonour} | \$35 |
| \text{Stop cheque} | \$12 |
| \text{Late payment} | \$30 |
| \text{Over-limit} | \$35 |
The following table compares the fees charged by a range of banks:
| \text{Bank } 1 | \text{Bank } 2 | \text{Bank } 3 | |
|---|---|---|---|
| Account service | \$12 | \$13 | \$20 |
| ATM transaction | \$0.20 | \$0.35 | \$0.60 |
| Telephone transaction | \$0.20 | \$0.35 | \$0.70 |
| Internet transaction | \$0.20 | \$0.35 | \$0.90 |
| Branch transaction | \$0.30 | \$0.40 | \$0.85 |
| Periodic payment dishonour | \$31 | \$32 | \$22 |
| Overdrawn account | \$28 | \$33 | \$20 |
| Cheque dishonour | \$39 | \$29 | \$23 |
| Stop Cheque | \$12 | \$15 | \$8 |
| Late payment | \$35 | \$40 | \$21 |
| Over-limit | \$39 | \$27 | \$20 |
Calculate the total monthly banking costs of Amelia whose account is at Bank 2, if she makes 4 ATM withdrawals and 5 transactions via telephone. Amelia also incurred a periodic payment dishonour fee when she had insufficient funds in her account to pay her rent and an over-limit fee for overspending on her credit card.
Calculate what her total monthly banking costs would have been if she had been with Bank 3.