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AAFM GLO_CWM_LVL_1 Exam - 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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Verdell

7 months ago

I agree with C, but I've heard different rules at other banks.

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Carolynn

7 months ago

Wait, is it really daily balance? I thought it was monthly.

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Stefania

8 months ago

Definitely option C! That's how my bank does it.

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Macy

8 months ago

I thought it was the lowest balance for the month?

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Lyla

8 months ago

Interest is usually calculated on the daily balance.

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Jerry

8 months ago

I thought it was the lowest balance between the 10th and the end of the month, but now I'm second-guessing myself.

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Josefa

8 months ago

I'm not entirely sure, but I feel like it might be the lowest balance between the 1st and 10th. I remember something about that timeframe.

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Marcelle

8 months ago

I practiced a similar question, and I believe it's the daily balance during the month. That seems to be the most common method.

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Shawna

8 months ago

I think interest is calculated on the lowest balance, but I can't remember if it's between the 10th and the end of the month or just the 10th to the 30th.

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Allene

8 months ago

Okay, let me see. The Problem table must be related to one of the other tables listed. I'll need to consider how they might be connected.

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Margarita

8 months ago

Link aggregation sounds like a good option to boost bandwidth. And IP multipathing could help with availability, if I'm understanding that correctly.

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Louisa

8 months ago

Okay, I've got this. The script is telling me the dose (15ml) and the frequency (every 4 hours as needed). So I just need to translate that into the appropriate wording for the packaging. I'll go with B.

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Kaitlyn

9 months ago

I remember we discussed the Service Autonomy principle in class, and I feel like option B relates to some of the issues we talked about with dependencies.

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Alberta

1 year 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 year 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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Justa

12 months ago

It's important to know how interest is calculated on savings accounts.

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Goldie

12 months ago

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

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Elizabeth

1 year ago

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

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Dorian

1 year ago

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

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Shantell

1 year 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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Colette

11 months ago

B) lowest balance between 10th and the end of the month

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Willard

12 months ago

C) daily balance during the month

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Gerry

1 year ago

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

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Jettie

1 year 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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Flo

1 year ago

I agree, interest on savings accounts is usually calculated based on the daily balance.

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Joaquin

1 year ago

I think the correct answer is C.

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Barrett

1 year ago

Hmm, I'm not sure. Maybe we should check the bank's policy to be sure.

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Gerardo

1 year ago

I believe it's actually the lowest balance between 1st and 10th of the month.

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Barrett

1 year ago

I think the interest is paid on the lowest balance between 10th and 30th of the month.

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