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If interest is calculated on the minimum daily balance at 3
If interest is calculated on the minimum daily balance at 3.75% per annum, find the
interest in May. Please give your answer correct to two decimal places.
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
Expert Solution
Interest up to 6 may=650.72 *3.75%*5/365 =0.33
Interest upto 19may=445.82*3.75%*13/365=0.60
Interest upto 1june=1241.37*3.75%*13/365=1.66
Total interest in may = 2.59
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