If a Bank Provides Overdraft Protection at a Rate of 12

question 57

Multiple Choice

If a bank provides overdraft protection at a rate of 12% for each $100 (or portion of $100) borrowed when an overdraft occurs, what amount of interest would a customer pay for a $188 overdraft?

• A) $24.00
• B) $22.56
• C) $10.56
• D) $12.00

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Definitions:

Job Security

The likelihood of an individual keeping their job without the risk of becoming unemployed.

Independent Contractors

Individuals or entities contracted to perform work for another entity as a non-employee, responsible for their own taxes and benefits.

Self-employed Individuals

Persons who operate their own business or work for themselves, rather than being employed by a company or another individual.

Temporary Agency

A Temporary Agency is an employment agency that connects job seekers with short-term employment opportunities, often serving as a bridge to permanent employment.