Question

You make an initial deposit of $46.82 in a checking account. In addition, you deposit your paycheck of $78.36 at the end of the week. You write checks for $16.93, $26.25, $9.27, and $12.58. Your bank service charge is $6.95 per month. How much will you have in your account at the end of the month?

Answer 1

The amount you will have in your account at the end of the month is $53.20.

Step-by-step explanation:

This can be calculated using the following simple formula:

Month end account balance = Initial deposit + Additional deposit - Sum of checks written - Bank service charge per month ................ (1)

Where;

Initial deposit = $46.82

Additional deposit = $78.36

Sum of checks written = $16.93 + $26.25 + $9.27 + $12.58 = $65.03

Bank service charge per month = $6.95

Month end account balance = $46.82 + $78.36 - $65.03 - $6.95

Month end account balance = $53.20

Therefore, the amount you will have in your account at the end of the month is $53.20.