Question

interest on a savings account is calculated at 0.35% per month based on the minimum daily balance. The following statement lists all the transactions in an account for April–Jun one year.

Date	Transaction detail	Debit	Credit	Balance
01 April	balance brought forward			2360.10
07 April	withdrawal	200.00		2160.10
03 May	deposit		100.00	2260.10
15 Jun	deposit		50.00	2310.10

The interest, in dollars, for the month of May is:

Select one:

a. $8.26

b. $7.88

c. $7.91

d. $79.10

e. $75.60

Answer 1

transaction	date(may)	principal	interest	closing balance
balance bought forward	1	2160	₹ 0.25	₹ 2,160.25
	2	₹ 2,160.25	₹ 0.25	₹ 2,160.50
	3	₹ 2,160.50	₹ 0.25	₹ 2,160.76
100	4	₹ 2,260.76	₹ 0.26	₹ 2,261.02
	5	₹ 2,261.02	₹ 0.26	₹ 2,261.28
	6	₹ 2,261.28	₹ 0.26	₹ 2,261.55
	7	₹ 2,261.55	₹ 0.26	₹ 2,261.81
	8	₹ 2,261.81	₹ 0.26	₹ 2,262.08
	9	₹ 2,262.08	₹ 0.26	₹ 2,262.34
	10	₹ 2,262.34	₹ 0.26	₹ 2,262.60
	11	₹ 2,262.60	₹ 0.26	₹ 2,262.87
	12	₹ 2,262.87	₹ 0.26	₹ 2,263.13
	13	₹ 2,263.13	₹ 0.26	₹ 2,263.40
	14	₹ 2,263.40	₹ 0.26	₹ 2,263.66
	15	₹ 2,263.66	₹ 0.26	₹ 2,263.92
	16	₹ 2,263.92	₹ 0.26	₹ 2,264.19
	17	₹ 2,264.19	₹ 0.26	₹ 2,264.45
	18	₹ 2,264.45	₹ 0.26	₹ 2,264.72
	19	₹ 2,264.72	₹ 0.26	₹ 2,264.98
	20	₹ 2,264.98	₹ 0.26	₹ 2,265.24
	21	₹ 2,265.24	₹ 0.26	₹ 2,265.51
	22	₹ 2,265.51	₹ 0.26	₹ 2,265.77
	23	₹ 2,265.77	₹ 0.26	₹ 2,266.04
	24	₹ 2,266.04	₹ 0.26	₹ 2,266.30
	25	₹ 2,266.30	₹ 0.26	₹ 2,266.57
	26	₹ 2,266.57	₹ 0.26	₹ 2,266.83
	27	₹ 2,266.83	₹ 0.26	₹ 2,267.09
	28	₹ 2,267.09	₹ 0.26	₹ 2,267.36
	29	₹ 2,267.36	₹ 0.26	₹ 2,267.62
	30	₹ 2,267.62	₹ 0.26	₹ 2,267.89
	31	₹ 2,267.89	₹ 0.26	₹ 2,268.15
	total		8.252868118

above table shows the daily interest rate calculated therefore answer is A $8.25

P.S. - please ignore rupee symbol my system spredsheets doesnot have dollars sorry