Answer:
The total balance for the month after one month of interest accrues is $561 .
Step-by-step explanation:
Given as :
The principal credit in account = p = $550
The rate of interest = 24% annual
The time period = 1 month = year
Let The Amount after one month of interest = $A
<u>Now, From Simple Interest method</u>
Simple Interest =
Or, s.i =
Or, s.i =
Or, s.i =
Or, s.i = 11
∵ Amount = Principal + interest
So, A = s.i + p
Or, A = $11 + $550
∴ A = $561
So, The amount after one month on interest = A = $561
Hence, The total balance for the month after one month of interest accrues = A = $561 . Answer