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3 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.

3 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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3 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.
Transcribed Image Text:3 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.
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