The bank statement opposite shows transactions over a one-month period for a savings account that earns simple interest at a rate of 3% per annum calculated on the minimum monthly balance. Date Transaction Debit Credit Balance 1 May 650.72 6 May Coles 447375 204.90 445.82 19 May Salary 795.55 1241.37 1 June 1241.37 a What is the monthly interest rate? b How much interest is earned in this month? Give answer to the nearest cent.

The bank statement opposite shows transactions over a one-month period for a savings account that earns simple interest at a rate of 3% per annum calculated on the minimum monthly balance. Date Transaction Debit Credit Balance 1 May 650.72 6 May Coles 447375 204.90 445.82 19 May Salary 795.55 1241.37 1 June 1241.37 a What is the monthly interest rate? b How much interest is earned in this month? Give answer to the nearest cent.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.6AP

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