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Rama09 [41]
3 years ago
7

C. Assume someone has an average balance account with a bank that costs $35 a month but earns

Mathematics
1 answer:
Elodia [21]3 years ago
8 0

Answer:

<em>The total interest earned after subtracting the monthly $35 </em>

<em>service fee = $975 - $35 = $940</em>

Step-by-step explanation:

Bank fee cost per month = $35

Interest rate per month = 1%

The total amount in the account until the 15th = $100,000

The total amount in the account from the 15th to the 30th = $95,000

Interest Earned?

<em>Interest earned for first 15 days:</em>

                               = $100,000 times 1%/2

                               = $100,000 times 0.001/2

                               = $500

<em>Interest earned from 15th to the 30th:</em>

<em>                                  </em>= $95,000 times 1%/2

                                 = $95,000 times 0.001/2

                                 = $475

Interest earned for <em>first 15 days + Interest earned from 15th </em>

<em>to the 30th =  </em>$500 + $475 = $975

So, the total interest earned after subtracting the monthly $35

service fee = $975 - $35 = $940

<em>Keywords: interest, interest rate</em>

<em>Learn more about interest calculation from brainly.com/question/3256069</em>

<em>#learnwithBrainly</em>

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