Question

Ted begins the month with a checking account balance of $1,400. He
writes five checks: one for $350.45, one for $200.01, one for $11.53, one
for $68.10, and one for $177.37. He makes two deposits, each for $450. His
bank charges him a $0.25 fee for each check she writes. He also pays a
monthly account fee of $5.00. What is the balance of Ted's account at the
end of the month? *
O $1,486.29
O $1,325.76
O $1,401.12
$1,509.34

Answer 1

Answer:

$1,486.29

Explanation:

To calculate Ted's account balance at the end of the month:

First, deduct the checks:

1400 - 350.45 - 200.01 - 11.53 - 68.10 - 177.37 = 592.54

Now, add the deposits:

592.54 + 450 + 450 = 1,492.54

The bank charges him a $0.25 fee for every check. He wrote five checks, so his fee is:

0.25 * 5 = 1.25

Deduct the fee from his account:

1,492.54 - 1.25 = 1,491.29

Finally, deduct the monthly account fee:

1,491.29 - 5 = 1,486.29

The first option is the correct option.

Hope this helps :)