Question

Taylor Cook has her monthly pay

deposited directly to her checking
account. She recently received a pay
increase and wanted to determine the
increase amount. Her previous month's
pay was $2,350.75. The checking account
shows a previous balance of $1,012.84,
checks processed totaling $741.68, ATM
withdrawals of $120, and a service
charge of $2.75. Taylor's new balance is
$2,614.26. What was the increase in pay
deposited?

Answer 1

Explanation:

To determine the increase in pay deposited into Taylor's checking account, we need to calculate the total deductions from the previous month's pay and subtract it from the new balance.

Total deductions = Previous balance + Checks processed + ATM withdrawals + Service charge

= $1,012.84 + $741.68 + $120 + $2.75

= $1,877.27

Increase in pay deposited = New balance - Total deductions

= $2,614.26 - $1,877.27

= $736.99

Therefore, the increase in pay deposited into Taylor's checking account is $736.99.