At Riverbank checking account customers earned .75% interest a month on their account balances pay no service fees for writing checks and pay a monthly two dollar financial charge. Calculate the income earned in one month on the checking account for a customer with an account balance of $1000.
To calculate the income earned in one month on a checking account balance of $1000 with a .75% interest rate, we can use the formula:
Interest earned = (Account balance * Interest rate) / 100
Substitute the values:
Interest earned = (1000 * 0.75) / 100
Interest earned = 7.50
So, the customer will earn $7.50 in interest in one month on their checking account balance of $1000.