Sam has a bank account that pays simple interest calculated on the daily closing balance and paid monthly as follows: $0 to $5,000, 0.2%, $5,000 to $10,000, 0.25%, and over $10,000, 0.30%. Sam had $17,000 in his account on April 1. He withdrew $5,000 on April 15, withdrew another $5,000 on April 20, and deposited $2,000 on April 25. Calculate the interest that he will be paid for the month of April.

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The Answer of Sam has a bank account that pays simple interest calculated on the daily closing balance and paid monthly as follows: $0 to $5,000, 0.2%, $5,000 to $10,000, 0.25%, and over $10,000, 0.30%. Sam had $17,000 in his account on April 1. He withdrew $5,000 on April 15, withdrew another $5,000 on April 20, and deposited $2,000 on April 25. Calculate the interest that he will be paid for the month of April.

Sam Has a Bank Account That Pays Simple Interest Calculated