Question

Mikes checking account pays 0.5% interest monthly and has a $7.50 service fee. If mikes balance last month was $1423, find the amount of credit or debit to his account after interest and service fee are both applied.

Answer 1

100% agree with the person above me, he's 100% correct

Answer 2

1. Take Mike's total from last month and add it up with the service fee. ($1423 + $7.50)
2. 1430.5 is your total, then multiply that by .5% for intrest fee. Intrest fee is $7.153
3. You take $1430.5 + $7.153
TOTAL. $1437.65

Hope this helped.


YOUR QUESTION

Mikes checking account pays 0.5% interest monthly and has a $7.50 service fee. If mikes balance last month was $1423, find the amount of credit or debit to his account after interest and service fee are both applied.