Question

2. Republic Bank pays 2.5% interest, compounded monthly. If you have the following transactions for the month of March (31 days), how much interest will you have earned in March? March 1 Balance Beginning Balance $4,500 March 15 Withdraw $1,500 $3,000 March 26 Deposit $1,700 $4,700 a. $6.19 b. $8.24 c. $9.26 d. $20.06 e. $14.04

          2. Republic Bank pays 2.5% interest, compounded monthly. If you have the following
transactions for the month of March (31 days), how much interest will you have earned in
March?
March 1	Balance	Beginning Balance	$4,500
March 15	Withdraw $1,500	$3,000
March 26	Deposit $1,700	$4,700
a. $6.19
b. $8.24
c. $9.26
d. $20.06
e. $14.04

2. Republic Bank pays 2.5% interest, compounded monthly. If you have the following
transactions for the month of March (31 days), how much interest will you have earned in
March?
March 1 Balance Beginning Balance 4,500
March 15 Withdraw1,500 3,000
March 26 Deposit1,700 4,700
a.6.19
b. 8.24
c.9.26
d. 20.06
e.14.04

Added by John R.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Ashwin Banarsee

Step 1

Interest earned = Beginning balance * (interest rate/12) * (number of days/31) Interest earned = $4,500 * (2.5%/12) * (15/31) Interest earned = $18.15 Show more…

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Republic Bank pays 2.5% interest, compounded monthly. If you have the following transactions for the month of March (31 days), how much interest will you have earned in March? Balance March 1: Beginning Balance $4,500 March 15: Withdrawal $1,500 March 26: Deposit $1,700 Balance March 31: $4,790