Question

At the beginning of the month, Mike had a balance of 210 dollars in his checking account. During the next month, he deposited 80 dollars, wrote a check for 120 dollars, made another deposit of 25 dollars, wrote two checks: one for 60 dollars and the other for 32 dollars. He was also assessed a monthly service charge of 5 dollars. What was his balance at the end of the month?

Name: Problem 146, Chapter 0: College Algebra
Uploaded: 2021-04-15T00:11:38-08:00
Duration: 2 min 11 s
Channel: Nicole Rowley
Description: At the beginning of the month, Mike had a balance of 210 dollars in his checking account. During the next month, he deposited 80 dollars, wrote a check for 120 dollars, made another deposit of 25 dollars, wrote two checks: one for 60 dollars and the other for 32 dollars. He was also assessed a monthly service charge of 5 dollars. What was his balance at the end of the month?

   At the beginning of the month, Mike had a balance of 210 dollars in his checking account. During the next month, he deposited 80 dollars, wrote a check for 120 dollars, made another deposit of 25 dollars, wrote two checks: one for 60 dollars and the other for 32 dollars. He was also assessed a monthly service charge of 5 dollars. What was his balance at the end of the month?

College Algebra

Michael Sullivan 9th Edition

Chapter 0, Problem 146

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Solved by Expert Nicole Rowley

04/15/2021

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At the beginning of the month, Mike had a balance of 210 dollars in his checking account. During the next month, he deposited 80 dollars, wrote a check for 120 dollars, made another deposit of 25 dollars, wrote two checks: one for 60 dollars and the other for 32 dollars. He was also assessed a monthly service charge of 5 dollars. What was his balance at the end of the month?

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Key Concepts

Basic Arithmetic Operations

This concept involves using addition and subtraction to compute changes in values. In financial contexts, such as bank transactions, these operations are used to update an account balance by adding deposits and subtracting withdrawals and fees.

Bank Account Transactions

This concept covers the different types of financial actions that affect an account, including deposits, check withdrawals, and service charges. Understanding these transactions is important for tracking how money moves in and out of an account.

Transaction Sequencing

The order in which transactions are applied is critical. Each addition or subtraction is performed sequentially, with the balance updated after each transaction, ensuring that the final value accurately reflects all changes made over a period.

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