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3 years ago

What is it called when any amount of money is debited (subtracted) from the checking account?

Business

1 answer:

blsea [12.9K]3 years ago

3 0

That is called withdrawal, glad to help!
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Derek can deposit $279.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month.

algol13

Answer:

The rate that Bank B must pay Derek to have have the same amount in both accounts after 10 years is:

= 22.611%

Explanation:

a) Data and Calculations:

Monthly deposit in Bank A= $279

Period of deposit = 120 (10 * 12) months

Interest rate = 14% compounded monthly

Using an online finance calculator, the future value =

Sum of all periodic payments = $33,480.00

Total Interest = $38,800.23

Future value of funds = $72,280.23

Annual deposit in Bank B = $2,447

Period of deposit = 10 years

Future value = $72, 280.23

Therefore, the Interest rate = 22.611%

8 0

2 years ago

If a check correctly written and paid by the bank for $272 is incorrectly recorded in the company's books for $227, how should t

djverab [1.8K]

Answer:

Add $45 to the book balance.

Explanation:

This is a transposition error which is an example of error of original entry. A transposition error occurs when the figures are posted in the wrong order, while an error original entry occurs when a wrong amount is entered into the right account. This kind of error usually causes discrepancy between the bank balance and the book balance.

To correct this error in the question, we first find the difference between the right amount and the wrong amount as follows:

Difference = Right amount – Wrong amount = $272 - $227 = $45

Therefore, the difference of $45 will be added to the book balance to bring it into an agreement with the bank treatment as follows:

Bank correct treatment = $272

New book treatment = Wrong amount + Difference = $227 + $45 = $272

It can now be seen that both posting are now in agreement after the correction.

4 0

3 years ago

Which would be the most likely target market for a new brand of high-end athletic shoes?

qwelly [4]

Answer:

Dedicated athletes, like a marathon runners

Explanation:

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3 years ago

An algebra class has 20 students and 20 desks. for the sake of variety, students change the seating arrangement each day. how ma

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2 years ago

Suppose that real GDP per capita in Italy is $32,000. If real GDP per capita is growing at a rate of 2.5% per year, how many yea

Sliva [168]

Answer:

boi all I know is that im broke

Explanation:

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1 year ago