Question

Leo nochenteil has a new balance of $6175.20. his previous balance had been $5823.95, and he had made deposits of $130.00 and $280.75. his withdrawals totaled $85.45. what interest did the account earn?

Answer 1

The interest earned by Leo's account is $351.25.

Step-by-step explanation:

To calculate the interest earned, we need to find the difference between Leo's new balance and his previous balance. The deposits and withdrawals are not relevant in this case.

So, the interest earned is $6175.20 - $5823.95 = $351.25.

The interest earned by Leo's account is $351.25.

To calculate the interest earned on Leo's account, we start by finding the total amount of his deposits and subtract the withdrawals made.

From his previous balance, we add the deposits and subtract the withdrawals to determine the expected new balance before interest. Then we compare this expected balance with the actual new balance to find the interest earned.