BANKING AFFAIRS

Detailed explanation-1: -Most banks generally offer basic services such as transfers and bill payments. Some banks also allow customers to open up new accounts and apply for credit cards through online banking portals. Other functions may include ordering checks, putting stop payments on checks, or reporting a change of address.

Detailed explanation-2: -The formula for calculating simple interest, I=Prt, is where P is the principal, r is the rate, and t is the time. total amount invested.

Detailed explanation-3: -Simple interest is when interest is only charged on principal–that is, the original amount of the debt or investment. For instance, if you deposit money into a bank account that pays only simple interest, it will only pay you interest based on the original deposit amount.

Detailed explanation-4: -A passbook savings account is a savings account in which the consumer retains a book or other document in which the institution records transactions on the account. Passbook savings accounts include accounts accessed by preauthorized electronic fund transfers to the account.