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Henry savings account has an APR of 3.65 percent, calculate interest daily, and pays interest at the end of the month. If during the month November, his balance was $300 for the first 10 days of the month, $1200 for the next 10 days of the month and $800 for the last 10 days of the month how much total interest did Henry earn in November

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TaeKwonDoIsDead

APR is the annual percentage rate. To get daily percentage rate, we need to divide APR by 365. We have,

daily rate =  [tex]3.65/365=0.01[/tex] (in percentage). In decimal it is [tex]\frac{0.01}{100}=0.0001[/tex].

To get total interest, we calculate it accordingly:


  • For first 10 days, he gets daily interest of 0.01% on $300:

[tex]300*10*0.0001=0.3[/tex]

  • For next 10 days, he gets daily interest of 0.02% on $1500:

[tex]1200*10*0.0001=1.2[/tex]

  • For the last 10 days, he gets daily interest of 0.02% on $600:

[tex]800*10*0.0001=0.8[/tex]

Henry's total interest is the sum of these three,

[tex]0.3+1.2+0.8=2.3[/tex] dollars.


ANSWER: $2.3

Answer:

$2.30 -_- APEX

Step-by-step explanation: