At the beginning of this month, the balance of Vances checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vances checking account?

BUSINESS MATHEMATICS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

At the beginning of this month, the balance of Vance’s checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance’s checking account?

A	$1620.38
B	$1510.06
C	$1485.06
D	$787.10

Explanation:

Detailed explanation-1: -A bounced check occurs when the writer of the check has insufficient funds available to fulfill the payment amount on the check to the payee. When a check bounces, it is not honored by the depositor’s bank and may result in overdraft fees and banking restrictions.

Detailed explanation-2: -Your ACTUAL balance is the amount of money that is actually in your account at any given time. It reflects transactions that have “posted” to your account, but not transactions that have been authorized and are pending.

Detailed explanation-3: -You’ll need the following information: Your Social Security number. A valid, government-issued photo ID like a driver’s license, passport or state or military ID. A minimum opening deposit of $25 to activate your account (once you’ve been approved).

Detailed explanation-4: -The available balance for your account may differ from the current balance because of pending transactions that have been presented against the account, but have not yet been processed. Once processed, the transactions are reflected in the current balance and show in the account history.

There is 1 question to complete.

BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

BUSINESS MATHEMATICS