Question

is the answer 80?
The balance of Chiaki's average balance checking account at the beginning of the last cycle was $100, and the only transaction for the cycle was a check that Chiaki wrote for $20, which cleared exactly halfway through the cycle. On what amount did Chiaki's checking account pay interest last cycle?

Answer 1

What is the rule for paying interest? Is it paid on the average daily balance?

Answer 2

no. I think every month @Mertsj

Answer 3

if the check cleared half way through, then the first half of the month, the balance is $100

and the second half of the month is 100 - 20 = 80

Answer 4

so you have two balances 100 and 80

average the two over the full month