Sam Has a Bank Account That Pays Interest Calculated on the Daily

question 82

Short Answer

Sam has a bank account that pays interest calculated on the daily closing balance and paid monthly as follows: $0 to $5,000, 0.2%, $5,000 to $10,000, 0.25%, and over $10,000, 0.30%. Sam had $17,000 in his account on April 1. He withdrew $5,000 on April 15, withdrew another $5,000 on April 20, and deposited $2,000 on April 25. Calculate the interest that he will be paid for the month of April.

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Definitions:

Extensions

Additions or expansions to a pre-existing document, contract, or period of time.

Local Housing Codes

Rules and regulations established by municipal governments aimed at ensuring safe and habitable housing conditions.

Periodic Tenancy

A tenancy that automatically renews for successive periods (e.g., month-to-month, year-to-year) until either the landlord or the tenant terminates it.

Tenancy at Will

An agreement where a tenant can occupy property with the consent of the owner but with no fixed term and can be terminated by either party at any time.