Question

The balance of Stephanies average balance checking account at the beginning of last cycle was $200 and the only transaction for the cycle was a check that Stephanie wrote for $100 which cleared exactly halfway through the cycle on what amount did Stephanies checking account pay interest last cycle

Answer 1

Answer: $150

Explanation:

From the question, we are informed that the balance of Stephanies average balance checking account at the beginning of last cycle was $200 and that the only transaction for the cycle was a check that Stephanie wrote for $100 which cleared exactly halfway through the cycle.

Since the $100 check was cleared halfway, the amount that Stephanies checking account will pay interest last cycle will be for us to deduct half of $100 from $200. This will be:

= $200 - 1/2($100)

= $200 - $50

= $150