Question

Evan's saving account pays interest of 1.25%. interest is calculated on the daily closing balance and paid at the close of business on the last day of the month. Evan's account balance on July 1 was $8240. He deposited $1235 on July 14 and withdrew $840 on July 22. How much interest will Evan be paid for the month of July?

Answer 1

Solving using excel;

The formulas used are shown in the excel sheet below;

$\therefore$ Evan will be paid $\$8.90$ interest in the month of July