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(ASAP!!!!)

Go over the bank statement and answer the questions in detail. Use information
from the statement to support your answers.

1. This bank statement is most likely for what kind of account? Provide at least two
pieces of evidence from the statement that explain why.

(ASAP!!!!) Go over the bank statement and answer the questions in detail. Use information-example-1
User Knagaev
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4.4k points

2 Answers

4 votes

Answer:

1.credit card; credit line and payment due date are shown

2.about $2243; credit available less the pending transaction

3.use more than one account; ask for a credit line increase

4.a finance charge is added; credit rating will be negatively impacted

Step-by-step explanation:

1.

Deposit accounts do not have a "Payment Due Date", so this indicates a loan account of some sort. The listing of transactions with different descriptions suggests the account is used to pay a variety of creditors. The lines "credit line" and "credit available" further suggest this is a credit-card or line-of-credit type of account.

2.

The "total credit available' is a good starting indication of the additional amount the account owner can spend. There are some caveats. One is that there is a pending transaction, which will reduce the available limit when it is paid. Another is that using the maximum available credit will negatively impact the owner's credit score.

That score is maximized if the percentage of available credit used is below some amount (about 10%). A 30% utilization rate is a suggested maximum for maintaining a good credit score.

3.

Several options may be open:

the medical biller may allow payment over time

this account owner may have enough for the payment in all accounts together. (They payment may be split among different available accounts.)

this account owner can ask the credit line be raised

4.

Failure to make a payment will cause ...

a finance charge to be added to the account

(possibly) a late-payment charge to be added to the account

a "failure to pay as agreed" notice to credit reporting agencies

available credit to be reduced (possibly to zero)

The details of the consequences of a missed payment are in the account terms and conditions provided by the bank.

User Pink Jazz
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5.0k points
5 votes
1. Credit account and Store accounts
User Tdbeckett
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4.9k points