Answered

At Westonci.ca, we provide clear, reliable answers to all your questions. Join our vibrant community and get the solutions you need. Join our Q&A platform and connect with professionals ready to provide precise answers to your questions in various areas. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Jamal opened a money market account with $1,000 because he was attracted to its 2.02% APY. At first, he was using it only to save money. But lately he has been using it to pay bills and to withdraw spending money. He noticed that a $15 "excessive transaction fee" had been charged on his seventh withdrawal this month. How much interest will Jamal's original $1,000 earn if he keeps at least that much in his account for one year? Jamal was charged $15 because . What impact does this charge have on Jamal's savings? How could Jamal solve this problem?

Sagot :

Answer:

$20.20

he made too many withdrawals in one month

it erases most of the earnings on his initial deposit

by limiting the withdrawals to the maximum

Explanation:

i got em right

jayilych4real

The amount of interest that Jamal's original $1,000 will earn if he keeps at least that much in his account for one year is $20.20.

What is Interest?

This refers to the added amount that is put ontop of an original amount when a certian condition is met.

Hence, we can see that Jamal was charged $15 because he made too many withdrawals in one month.

The impact which this charge have on Jamal's savings is it erases most of the earnings on his initial deposit.

The way Jamal could solve this problem is by limiting the withdrawals to the maximum

Read more about interest rates here:

https://brainly.com/question/2151013

#SPJ6

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.