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?

Question

My answer is $757.80.

Is this correct?

Answer 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?

Answer 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!

Answer 3

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

Answer 4

Oh, I see!

Awesome, thanks for your help!

Answer 5

You are very welcome.