The Local Bank Pays Interest Calculated on the Daily Closing

question 20

Short Answer

The local bank pays interest calculated on the daily closing balance and paid monthly as follows: $0 to $5,000, 0.167%, $5,000 to $25,000, 0.25%, and over $25,000, 0.33%. Mrs. Singh had $3500 in her account on March 1. She deposited $2475 on March 5, withdrew $500 on March 12, and deposited $600 on March 15. Calculate the interest that she will be paid for the month of March.

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Definitions:

Common Type

A classification or category that is widely recognized, accepted, or prevalent among others.

Endorsement

The act of giving one's public approval or support to someone or something, often seen in advertising, politics, and social media.

Issued on Bank Paper

refers to documents or certificates, typically related to financial transactions, printed on secure paper issued by a bank.

Bank Representative

An employee of a bank who assists customers with their accounts, loans, and other financial products and services.