Question

A bank account has an initial balance of $150. Over a one-week period the following occurred.

• $180 was spent on shoes.
• $300 of debt was added to the account as a cash advance.
• $250 of debt was repaid.
• $110 of debt was added because of a bank fee.
• $150 of debt was removed with a cash deposit.
What was the balance of the account at the end of the week?

Answer 1

To find the balance of the account at the end of the week, we need to calculate all the transactions:

Initial balance: $150

Shoes: -$180

Cash advance: +$300

Repaid debt: -$250

Bank fee: +$110

Cash deposit: -$150

So the final balance would be $150 - $180 + $300 - $250 + $110 - $150 = $-70.

This means the balance of the account at the end of the week would be -$70.