A bank that provides overdraft protection changes 12, Financial Management

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A bank that provides overdraft protection changes 12

A bank that provides overdraft protection changes 12 percent for each $100 (or portion of $100) borrowed when an overdraft occurs.

a. What amount of interest would the customer pay for an overdraft of $340? (Assume the interest is for the full amount borrowed for a whole year.) (Round your answer to 2 decimal places.)

Interest amount $

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