What Is the Average Implicit Interest Rate on a $100,000

question 100

Multiple Choice

What is the average implicit interest rate on a $100,000 account if the bank's average management costs are $2,500 and annual fees average $1,750?

• A)4.25 percent.
• B)2.50 percent.
• C)1.75 percent.
• D)0.75 percent.
• E)-0.75 percent. (costs - fees)/avg.balance
• (2,500 - 1,750)/100,000 = 0.0075

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