Question

Annalise has an online checking account at Wells Fargo Bank. Her balance at the beginning of the month was $5,000.00. During the month, she made deposits totaling $5,478.42, was charged a maintenance fee of $18, and earned $1.87 in interest. Her balance at the end of the month was $4,187.93. Annalise grew concerned because she spent considerably more than she made during the month. How much did Annalise spend during the month?

Answer 1

`5478.42 - 18 + 1.87 =5462.29 \\ 5462.29 - 4187.93 = 1274.36`

Answer 2

Annalise spent $6,274.36 during the month

Explanation:

The following is the break-up of the calculation:

Opening Balance - 5,000

Add: Deposits - 5,478.42

Less: Maintenance Fee - (18)

Add: Interest Earned - 1.87

Less: Ending Balance - (4,187.93)

Total - 6,274.36

Hence, total spending is $6,274.36 during the month.