Question

The balance of Aiko's average balance checking account at the beginning of last cycle was $100, and the only transaction for the cycle was a check that Aiko wrote for $50, which cleared exactly halfway through the cycle. On what amount did Aiko's checking account pay interest last cycle?

Answer 1

Answer:

$75

Step-by-step explanation:

We are given that The balance of Aiko's average balance checking account at the beginning of last cycle was $100.

The only transaction for the cycle was a check that Aiko wrote for $50, which cleared exactly halfway through the cycle.

Now we assume 30 days per month

So, the  balance was 100 for 15 days  and 50 for 15 days.

So, average daily balance : $\frac{100\times 15+50\times 15}{30}$

                                              $75$

Hence Aiko's checking account pay interest last cycle is $75.

Answer 2

It's $75 dollars hope i helped you