Question

On monday, your bank account balance was -$12.58. Because you didn't realize this, you wrote a check for $30.72 for groceries. a) What is the new balance in your checking account? b) The bank charges a $25 fee for playing a check on a negative balance. What is the balance in your checking account after this fee? c) How much money do you need to deposit to bring your account balance back up to $0 after the fee?

Answer 1

First, you subtract the 30.72 from the -12.58 which is -43.03 which is therefore how much you have in your account. Then we subtract another 25 for the fee. -68.03 Is how much you have after paying the fee.

Therefore, to get to 0, you need to pay 68 dollars and 3 cents.

Explanation:

Answer 2

a) The new balance in your checking account is -$12.58 - $30.72 = -$43.30.

b) After the bank charges a $25 fee for overdrafting, the balance in your checking account will be -$43.30 - $25 = -$68.30.

c) To bring your account balance back up to $0 after the fee, you will need to deposit $68.30.

Explanation: