Question

Erin has an online checking account at Bank of Tampa. Her balance at the beginning of the month was $4,650. During the month she made deposits totaling $1,284.56, was charged a maintenance fee of $12, and earned $3.48 in interest. Her balance at the end of the month was $1,924.22. Erin is trying to decide if she stayed within her budget this month. How much did she spend during this month

Answer 1

To determine how much Erin spent during the month, we can calculate her total expenditures by considering deposits, fees, and interest.

Starting balance: $4,650

Deposits: +$1,284.56

Interest earned: +$3.48

Maintenance fee: -$12

Ending balance: $1,924.22

Now, calculate the total expenditures:

`\[ \text{Total Expenditures} = \text{Starting balance} + \text{Deposits} + \text{Interest earned} - \text{Maintenance fee} - \text{Ending balance} \]`

`\[ \text{Total Expenditures} = $4,650 + $1,284.56 + $3.48 - $12 - $1,924.22 \]`

`\[ \text{Total Expenditures} = $4,650 + $1,276.82 - $1,936.22 \]`

`\[ \text{Total Expenditures} = $2,990.60 \]`

Erin spent a total of $2,990.60 during the month.