Balance At the End of the Month

[harpazo]

Section R.2
Algebra Essentials
Michael Sullivan
Textbook: College Algebra Edition 9

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

Solution:

Mike had $210 in his account.
He deposited $80.
Total = $210 + $80 or $290.

Wrote a check for $120:
$290 - $120 = $170.

Another deposit of $25. So, $170 + $25 = $195.

Mike wrote two checks: $60 & $32 or $92.

So, $195 - $92 = $103.

He assessed a monthly service charge of $5.

Mike's balance at the end of the month was $103 + $5 or $108.

I did my best to break it down piece by piece. How did I do?

 

[ksdhart2]

It mostly looks good, but there's a small error in the last step. The problem text tells us that Mike paid a $5 service fee, but you've interpreted that as increasing his bank balance. Does that make sense? Would you expect to have more money after paying a fee?

 

[harpazo]

It mostly looks good, but there's a small error in the last step. The problem text tells us that Mike paid a $5 service fee, but you've interpreted that as increasing his bank balance. Does that make sense? Would you expect to have more money after paying a fee?

Paying a fee leads to less money.
So, $103 - $5 = $98. It was the word assessed that led me to the wrong answer. Mike's balance at the end of the month is $98.