The Local Bank Pays Simple Interest Calculated on the Daily

Short Answer

The local bank pays simple interest calculated on the daily closing balance and paid monthly as follows: $0 to $5,000, 0.167%, $5,000 to $25,000, 0.25%, and over $25,000, 0.33%. Mrs. Singh had $3500 in her account on March 1. She deposited $2475 on March 5, withdrew $500 on March 12, and deposited $600 on March 15. Calculate the interest that she will be paid for the month of March.