Study and explain the logic behind Standard Chartered (SCB) Bank BonusSaver interest rate calculator. More information can be research and extracted from https://www.sc.com/sg/save/current-accounts/bonussaver/ and https://www.sc.com/sg/terms-and-conditions/bonusaver-product-terms/. From the information extracted, calculate the total interest earned per month. Below are screenshots an example of how it works and explanation behind each interest accumulation. Document the calculations clearly.

Enter your estimated Bonus$aver average daily balance S$ 20,000 Your estimated annual interest S$ 600 @3 % p.a. 0 O O 0 IPS Spend Salary Credit Invest Insure Bill Payment Select your estimated monthly card spending Would your monthly salary credit be S$3,000 or more? Would you insure or invest in eligible products? Would you insure or invest in eligible products? Would you make at least 3 bill payments online? less than S$500 S$500 to $$1,999 No Yes No Yes No Yes No Yes S$2,000 or greater Interest (p.a) earned + Interest (p.a) earned + Interest (p.a) earned + Interest (p.a) earned + Interest (p.a) earned 0.80% 0.40% 0.85% 0.85% 0.10% (Inclusive of prevailing interest Your monthly Bonus$aver card spending You will earn a prevailing interest rate of 0.05% p.a. on your entire deposit balance. In addition, you will earn bonus interest on the first S$80,000 of your deposit balance if you meet the minimum card spend as follows: Criteria Charge the Minimum Card Spend on eligible transactions to your Bonus$aver Cards Minimum Card Spend S$500 or equivalent in foreign currency of eligible Card Spend per calendar month based on transaction posting date Minimum Card Spend S$2,000 or equivalent in foreign currency of eligible Card Spend per calendar month based on transaction posting date Bonus Interest Rate on the first S$80,000 Bonus Interest Rate on the first S$80,000 0.25% p.a. 0.75% p.a. Total Interest Earned for Spend Total Interest Earned for Spend (*inclusive of prevailing interest rate) (*inclusive of prevailing interest rate) 0.30% 0.80% p.a. Bonus Interest Crediting Month One month after card spend transaction month e.g. for card spending in January, bonus interest will be paid in February based on January's Average Daily Balance Bonus Interest Payment period Payable monthly upon fulfillment of criteria and Minimum Card Spend Certain transactions on your BonusSaver Cards will not be regarded as eligible transactions. Please refer to Bonus$aver Product Terms for full T&Cs and list of exclusions Salary Credit Credit a minimum of S$3,000 monthly salary into your Bonus$aver account and earn additional 0.40% p.a. bonus interest on the deposit balance in your Bonus$aver account: Criteria Regular inward credit of your monthly salary of no less than S$3,000 nett into your BonusSaver account by your employer through GIRO with Purpose Code "SALA" Minimum Ticket Size S$3,000 Bonus Interest Rate on the first S$80,000 0.40% p.a Bonus Interest Crediting Month One month after salary is credited Bonus Interest Payment period Payable monthly upon fulfillment of criteria and minimum ticket size Invest Invest through us in an Eligible Unit Trust with a minimum subscription sum of S$30,000, to earn additional 0.85% p.a. bonus interest on the deposit balance in your BonusSaver Account: Criteria Purchase an Eligible Unit Trust (defined below) Minimum Ticket Size S$30,000 S$30,000 minimum subscription sum for an Eligible Unit Trust Bonus Interest Rate on the first S$80,000 0.85% p.a Bonus Interest Crediting Month For investment in Eligible Unit Trust: One month after investment settlement month Bonus Interest Payment period Bonus Interest will be paid for a consecutive period of 12 months. Eligible Unit Trust means a Unit Trust made available through the Bank and which comprises (i) a minimum investment sum of S$30,000 (or its equivalent in another currency) in a single subscription, but does not include: exchange traded funds; investments via regular savings plans; and switching transactions. Disclaimer: Insure Purchase an Eligible Insurance Policy with a minimal annual premium of S$12,000 to earn additional 0.85% p.a. bonus interest on the deposit balance in your Bonus$aver Account: Criteria Purchase an Eligible Insurance Policy (defined below) Minimum Premium S$12,000 S$12,000 annual premium for an Eligible Insurance Policy Bonus Interest Rate on the first S$80,000 0.85% p.a Bonus Interest Crediting Month For purchase of Eligible Insurance Policy: One month after purchase of policy Bonus Interest Payment period Bonus Interest will be paid for a consecutive period of 12 months. Eligible Insurance Policy means a regular premium life insurance policy underwritten by Prudential Assurance Company Singapore (Pte) Ltd and distributed by the Bank and which: names the Eligible Customer as the policy owner; has a minimum annual premium of S$12,000; Disclaimer: Bill Payment Make 3 eligible bill payments of at least S$50 each (in a calendar month) from your Bonus $aver account via GIRO or our Online Banking platform and earn additional 0.10% p.a. bonus interest on the deposit balance in your BonusSaver account: Criteria Minimum 3 eligible bill payments (in a calendar month) from your Bonus Saver account via GIRO or our Online Banking platform Minimum Ticket Size S$50 per eligible bill payment Bonus Interest Rate on the First S$80,000 0.10% p.a. Bonus Interest Crediting Month One month after eligible bill payment month Bonus Interest Payment period Payable monthly upon fulfillment of criteria and minimum ticket size Please refer to Bonus $aver Product Terms for the full T&Cs that apply. Enter your estimated Bonus$aver average daily balance S$ 20,000 Your estimated annual interest S$ 600 @3 % p.a. 0 O O 0 IPS Spend Salary Credit Invest Insure Bill Payment Select your estimated monthly card spending Would your monthly salary credit be S$3,000 or more? Would you insure or invest in eligible products? Would you insure or invest in eligible products? Would you make at least 3 bill payments online? less than S$500 S$500 to $$1,999 No Yes No Yes No Yes No Yes S$2,000 or greater Interest (p.a) earned + Interest (p.a) earned + Interest (p.a) earned + Interest (p.a) earned + Interest (p.a) earned 0.80% 0.40% 0.85% 0.85% 0.10% (Inclusive of prevailing interest Your monthly Bonus$aver card spending You will earn a prevailing interest rate of 0.05% p.a. on your entire deposit balance. In addition, you will earn bonus interest on the first S$80,000 of your deposit balance if you meet the minimum card spend as follows: Criteria Charge the Minimum Card Spend on eligible transactions to your Bonus$aver Cards Minimum Card Spend S$500 or equivalent in foreign currency of eligible Card Spend per calendar month based on transaction posting date Minimum Card Spend S$2,000 or equivalent in foreign currency of eligible Card Spend per calendar month based on transaction posting date Bonus Interest Rate on the first S$80,000 Bonus Interest Rate on the first S$80,000 0.25% p.a. 0.75% p.a. Total Interest Earned for Spend Total Interest Earned for Spend (*inclusive of prevailing interest rate) (*inclusive of prevailing interest rate) 0.30% 0.80% p.a. Bonus Interest Crediting Month One month after card spend transaction month e.g. for card spending in January, bonus interest will be paid in February based on January's Average Daily Balance Bonus Interest Payment period Payable monthly upon fulfillment of criteria and Minimum Card Spend Certain transactions on your BonusSaver Cards will not be regarded as eligible transactions. Please refer to Bonus$aver Product Terms for full T&Cs and list of exclusions Salary Credit Credit a minimum of S$3,000 monthly salary into your Bonus$aver account and earn additional 0.40% p.a. bonus interest on the deposit balance in your Bonus$aver account: Criteria Regular inward credit of your monthly salary of no less than S$3,000 nett into your BonusSaver account by your employer through GIRO with Purpose Code "SALA" Minimum Ticket Size S$3,000 Bonus Interest Rate on the first S$80,000 0.40% p.a Bonus Interest Crediting Month One month after salary is credited Bonus Interest Payment period Payable monthly upon fulfillment of criteria and minimum ticket size Invest Invest through us in an Eligible Unit Trust with a minimum subscription sum of S$30,000, to earn additional 0.85% p.a. bonus interest on the deposit balance in your BonusSaver Account: Criteria Purchase an Eligible Unit Trust (defined below) Minimum Ticket Size S$30,000 S$30,000 minimum subscription sum for an Eligible Unit Trust Bonus Interest Rate on the first S$80,000 0.85% p.a Bonus Interest Crediting Month For investment in Eligible Unit Trust: One month after investment settlement month Bonus Interest Payment period Bonus Interest will be paid for a consecutive period of 12 months. Eligible Unit Trust means a Unit Trust made available through the Bank and which comprises (i) a minimum investment sum of S$30,000 (or its equivalent in another currency) in a single subscription, but does not include: exchange traded funds; investments via regular savings plans; and switching transactions. Disclaimer: Insure Purchase an Eligible Insurance Policy with a minimal annual premium of S$12,000 to earn additional 0.85% p.a. bonus interest on the deposit balance in your Bonus$aver Account: Criteria Purchase an Eligible Insurance Policy (defined below) Minimum Premium S$12,000 S$12,000 annual premium for an Eligible Insurance Policy Bonus Interest Rate on the first S$80,000 0.85% p.a Bonus Interest Crediting Month For purchase of Eligible Insurance Policy: One month after purchase of policy Bonus Interest Payment period Bonus Interest will be paid for a consecutive period of 12 months. Eligible Insurance Policy means a regular premium life insurance policy underwritten by Prudential Assurance Company Singapore (Pte) Ltd and distributed by the Bank and which: names the Eligible Customer as the policy owner; has a minimum annual premium of S$12,000; Disclaimer: Bill Payment Make 3 eligible bill payments of at least S$50 each (in a calendar month) from your Bonus $aver account via GIRO or our Online Banking platform and earn additional 0.10% p.a. bonus interest on the deposit balance in your BonusSaver account: Criteria Minimum 3 eligible bill payments (in a calendar month) from your Bonus Saver account via GIRO or our Online Banking platform Minimum Ticket Size S$50 per eligible bill payment Bonus Interest Rate on the First S$80,000 0.10% p.a. Bonus Interest Crediting Month One month after eligible bill payment month Bonus Interest Payment period Payable monthly upon fulfillment of criteria and minimum ticket size Please refer to Bonus $aver Product Terms for the full T&Cs that apply