Morrison Garza
04/16/2024 · High School
2.3 Explain why did Mr. E Mauda receive interest every month?
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Mr. E Mauda received interest every month because he had invested his money in a fixed deposit account that offered monthly interest payments. In a fixed deposit account, the interest is calculated based on the principal amount invested and the interest rate provided by the bank. The interest is then paid out to the account holder on a monthly basis. This is a common practice in fixed deposit accounts to provide regular income to the account holder.
Quick Answer
Mr. E Mauda received monthly interest from his fixed deposit account, which pays interest based on the principal and interest rate, providing regular income.
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