Question

Jalen's checking account balance last month was $2505. If his checking

account pays 1% interest monthly and has a $15 service fee, how much was
the credit to his account?
A. $15.00
B. $10.05
C. $15.05
D. $25.05

Answer 1

To calculate the credit to Jalen's account, we need to subtract the service fee and add the interest.

Service fee: $15.00
Interest: 1% of $2505 = $25.05

Credit to Jalen's account = $25.05 - $15.00 = $10.05

Therefore, the credit to Jalen's account was $10.05. The correct answer is B.