Refer to the information above.Under the previous balance method,Frank's interest for June will be

Name: Refer to the information above.Under the previous balance method,Frank's interest for June will be
Brand: Quizplus
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Question

Quizplus · Accepted Answer

To calculate the interest using the previous balance method, we use the previous month's balance, which is $600. Frank's interest rate is 6%, so his monthly interest rate is 0.5%. 
Therefore, interest for June using the previous balance method = $600 x 0.5% = $3.00.

Refer to the Information Above