Business Math

The company opened a special checking account. The charge for each check written was either .55 or $6 a month whichever is greater. At the beginning of the month, the company checkbook balance was $695.18. The company wrote 14 checks totaling $312.88. Deposits of $188.10 and $195.10 were made during the month. What is the companies checkbook balance to start the new month? Including the cost of check writing?

My answer is $757.80.

Is this correct?

  1. 👍
  2. 👎
  3. 👁
  1. Beginning balance: $695.18
    Deposits: 188.10 and $195.10 = 383.20
    Total: $1,078.38

    Withdrawals: $312.88 + 6 = $318.88

    Month end balance: $1,078.38 - $318.88 = $759.50

    Is this one of the answer choices?

    1. 👍
    2. 👎
    👤
    Ms. Sue
  2. It's not, the closest one is $757.80. I kept getting $759.50 also.

    I'm going to ask my instructor about it.

    Thank you for your help!

    1. 👍
    2. 👎
  3. I see my error, I used $6.00 for checks. The cost should be more -- 14 * $0.55,

    1. 👍
    2. 👎
    👤
    Ms. Sue
  4. Oh, I see!

    Awesome, thanks for your help!

    1. 👍
    2. 👎
  5. You are very welcome.

    1. 👍
    2. 👎
    👤
    Ms. Sue

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math

    Jessica wants to accumulate $15,000 by the end of 4 years in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the

  2. Consumer Awareness

    Which keeps you from paying a fee you if you accidentally write a check and have insufficient funds in you checking account? Overdraft Protection the FDIC a checkbook register a debit card Is it A?

  3. Finite Mathematics

    Jessica wants to accumulate $14,000 by the end of 5 yr in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month

  4. Math

    Steven is moving to another city next weekend and wants to rent a moving truck. The rental rates for two companies in his area are shown below. Each company charges an initial fee for renting the truck, plus an additional amount

  1. consumer math

    Adam has created a register for the bank account he opened on April 16th. Unfortunately, Adam has made a mistake and cannot figure out where he went wrong. Use the transaction descriptions below to determine where his error is.

  2. math

    Mr. Flores opened an account with a deposit of $5,000 The account earned annual simple interest. He did not make any additional deposits or withdrawals. At the end of 4 years, the balance of the account was $6,500. What is the

  3. Math

    Luis has $150,000 in his retirement account at his present company. Because he is assuming a position with another company, Luis is planning to "roll over" his assets to a new account. Luis also plans to put $3000/quarter into the

  4. accounting

    On May 31, 2011, James Logan Company had a cash balance per books of $6,781.50. The bank statement from Farmers State Bank on that date showed a balance of $6,404.60. A comparison of the statement with the cash account revealed

  1. finance

    computing checking account balance. based on the following information,determine the true balance in your checking account. balance in your checkbook-$356 balance on bank statement,$472 service charge and other fees, $15 interest

  2. math

    Sam opened a money-market account that pays 2% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $560 in interest. How long did he keep his account open?

  3. Finance

    Bridgette's grandparents opened a savings account for her and placed $500 in the account. The account pays 5.5% interest. Bridgette wants to be a singer and she has her heart set on a new karaoke machine. The machine costs $150.

  4. math

    Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 11%. After 13 years, the interest earned on the account is $5720. How much

You can view more similar questions or ask a new question.