Question

Elaine has a saving account at a bank that charges a $10 fee for every month her balance falls bellow $1,000. Her account has a balance of $1,203.44w and she withdraws $300. What will her balance be in six months if she makes no deposits or withdrawals? SHOW WORK!

Answer 1

843.44

Explanation:

Step 1 - Subtract the withdraw from the initial balance:

1203.44 - 300 = 903.44

Step 2 - Because the above amount is below the 1000 threshold, we can calculate the cost of the charge over the six months:

10 * 6 = 60

Step 3 - Subtract the total charges from the balance:

903.44 - 60 = 843.44

Hope this helps!