Question

Henry savings account has an APR of 3.65 percent, calculate interest daily, and pays interest at the end of the month. If during the month November, his balance was $300 for the first 10 days of the month, $1200 for the next 10 days of the month and $800 for the last 10 days of the month how much total interest did Henry earn in November

Answer 1

APR is the annual percentage rate. To get daily percentage rate, we need to divide APR by 365. We have,

daily rate =  $3.65/365=0.01$ (in percentage). In decimal it is $\frac{0.01}{100}=0.0001$.

To get total interest, we calculate it accordingly:

• For first 10 days, he gets daily interest of 0.01% on $300:

$300*10*0.0001=0.3$

• For next 10 days, he gets daily interest of 0.02% on $1500:

$1200*10*0.0001=1.2$

• For the last 10 days, he gets daily interest of 0.02% on $600:

$800*10*0.0001=0.8$

Henry's total interest is the sum of these three,

$0.3+1.2+0.8=2.3$ dollars.

ANSWER: $2.3

Answer 2

Answer:

$2.30 -_- APEX

Step-by-step explanation: