Asked by matheus castro on May 01, 2024
Verified
A savings account pays interest of 1.5% simple interest. Interest is calculated on the daily closing balance and paid at the close of business on the last day of the month. A depositor had a $2,239 opening balance on September 1, deposited $734 on September 7 and $627 on September 21, and withdrew $300 on both September 10 and September 21. What interest will be credited to the account at the month's end?
Simple Interest
Interest calculated only on the principal amount, or the original sum of money lent or invested, without compounding.
Savings Account
A deposit account held at a bank or other financial institution that provides modest interest income.
Daily Closing Balance
The total amount of money in an account at the end of the trading day, reflecting all transactions processed that day.
- Calculate the interest accrued or disbursed throughout a specified duration considering fluctuating rates and varying principal sums.
Verified Answer
MP
Learning Objectives
- Calculate the interest accrued or disbursed throughout a specified duration considering fluctuating rates and varying principal sums.