Question

The balance of errands average balance checking account at the beginning of last cycle was $400 and the only transaction for the cycle was a check that Aaron route for $200 which cleared exactly halfway through the cycle on what amount did Aaron's checking account pay interest last cycle

Answer 1

$300

Explanation:

Here we are given:

Balance at the beginning of last cycle(first half) = $400

Balance halfway through the cycle(second half cycle) = $200

To find the amount Aaron's checking account pay interest last cycle, let's find the average balance.

Use the formula for average:

`(Bal 1 + Bal 2)/(2)`

`(400 + 200)/(2)`

`(600)/(2) = 300`

Average = $300

Therefore, the amount Aaron's checking account pay interest last cycle is $300