Question

Gary and Ann have a joint checking account. Their balance at the beginning of October was $9145.87.

During the month they made deposits totaling $2783.71, wrote checks for $4871.90, paid a maintenance
fee of $12, and earned $11.15 in interest on the account. What was the balance at the end of the month?

Answer 1

The balance was $ 7,056.83

Explanation:

Given,

The original balance in beginning of the month = $9145.87,

The amount of deposit = $2783.71,

So, new balance after depositing = $9145.87 + $2783.71 = $ 11929.58,

Check amount = $4871.90,

After clearing check, the new balance = $ 11929.58 - $ 4871.90 = $ 7057.68,

Also, after charging $ 12 fees, new balance = $ 7057.68 - $ 12 = $ 7045.68,

Finally getting $ 11.15 interest,

The final balance at the end of month = $ 7045.68 + $ 11 = $ 7,056.83

Answer 2

The balance at the end of the month was $7,056.83

Explanation:

we know that

The balance at the end of the month is equal to the balance at the beginning of the month plus deposits and interest minus checks and maintenance fee

so

9,145.87+(2,783.71+11.15)-(4,871.90+12)

9,145.87+(2,794.86)-(4,883.90)=$7,056.83