Question

Your checking account balance is $225. You received a “bounced” check and your bank has charged you a penalty fee of $35. What percent of your balance did the penalty cost

Answer 1

Answer: 15.56%

Explanation:

Given : Your checking account balance is $225.

i.e. Account balance= $225

You received a “bounced” check and your bank has charged you a penalty fee of $35.

i.e.Penalty fee= $35

Now, the percent of your balance the penalty cost :-

`\frac{\text{Penalty fee}}{\text{Account balance}}*100\\\\=(35)/(225)*100=15.5555555556\approx15.56\%`

Hence, the penalty cost 15.56% of your balance .