AAFM Exam GLO_CWM_LVL_1 Topic 3 Question 60 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam

Question #: 60
Topic #: 3

[All GLO_CWM_LVL_1 Questions]

Interest on savings bank accounts is paid on _______.

Alowest balance between 10th and 30th of the month

Blowest balance between 10th and the end of the month

Cdaily balance during the month

Dlowest balance between 1st and 10th of the month

Show Suggested Answer

Suggested Answer: B

by Lorrie at Mar 30, 2023, 07:47 AM

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Alberta

1 months ago

I'm going with C. Daily balance seems like the fairest way to calculate interest, even if it's not the most profitable for the bank. Though I wouldn't put it past them to try sneaking in some loopholes!

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Garry

1 months ago

Ha! I bet the bank's accountants would love to pay interest on the lowest balance. That way, they get to keep more of our hard-earned money. C is definitely the right answer here.

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Goldie

3 days ago

I always make sure to keep track of my balance throughout the month.

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Elizabeth

14 days ago

Yeah, it's fair to calculate interest based on the daily balance.

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Dorian

19 days ago

I agree, C is the correct answer. Daily balance makes more sense.

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Shantell

1 months ago

Hmm, I'm a little unsure about this one. Is it possible that the interest is paid on the lowest balance between 10th and the end of the month? That seems like a common practice.

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Gerry

19 days ago

A) lowest balance between 10th and 30th of the month

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Jettie

2 months ago

I think the correct answer is C. It makes sense that interest would be paid on the daily balance during the month, not just on the lowest balance during a specific period.

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