463.72
Taylor wrote a check for $18 on the same day his bank paid interest to his account. If his account balance changed $13 that day, how much interest did he earn.
Calculate 5% of 255.19 - that is, 0.05 x 255.19.
Credit card companies use several methods to calculate interest. There can be one or two billing cycles per month. Interest can be charged on the daily balance, new purchases, etc. You should refer to the "How finance charges are calculated" section of you billing statement.
He earned just over 0.21 per week, so it would be rounded to 0.21 per week.
It will be 3500.
12.76
The simple interest over a period of five years is $463.70
239.30
239.30
$131.66
29.86
the minimum balance witin the month times times pevailing interest rate multiplied by month and divide by 12
Average Balance account
The answer is 255.19*0.05 = 12.7595 which means you will get 12.75 because a bank is unlikely to round up in your favour!
Interest payable is liability account and have a credit balance as a normal balance.
The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.
The formula used to calculate your interest is the principle balance, multiplied by the monthly interest rate. Then you mulitply that by the number of months in which you last paid interest.