Question

find the amount of the bank charge on the sales/refunds record for 09/24/10 if the fee paid by the business is 4.25%.

the bank charge will be $square$
(round to the nearest cent as needed.)

09/24/10
sales \t\t\trefunds
$70.19 \t$38.11 \t$43.01
$862.05 \t$41.01 \t$113.72
$390.13 \t$785.06 \t$71.84
$74.23 \t$291.03
$51.05 \t$235.51

Explanation:

Step1: Calculate total sales

First, sum up all the sales amounts. The sales amounts are $70.19, $862.05, $390.13, $74.23, $51.06.
\[

$$\begin{align*} \text{Total Sales}&= 70.19 + 862.05 + 390.13 + 74.23 + 51.06\\ &= 70.19+862.05 = 932.24\\ 932.24+390.13&= 1322.37\\ 1322.37+74.23&= 1396.6\\ 1396.6+51.06&= 1447.66 \end{align*}$$

\]

Step2: Calculate total refunds

Next, sum up all the refunds amounts. The refunds amounts are $39.11, $41.01, $785.06, $291.03, $235.51.
\[

$$\begin{align*} \text{Total Refunds}&= 39.11 + 41.01 + 785.06 + 291.03 + 235.51\\ &= 39.11+41.01 = 80.12\\ 80.12+785.06&= 865.18\\ 865.18+291.03&= 1156.21\\ 1156.21+235.51&= 1391.72 \end{align*}$$

\]

Step3: Calculate net amount (Sales - Refunds)

Now, find the net amount by subtracting total refunds from total sales.
\[
\text{Net Amount} = 1447.66 - 1391.72 = 55.94
\]

Step4: Calculate bank charge (4.25% of net amount)

Finally, calculate the bank charge which is 4.25% of the net amount. Convert 4.25% to decimal (0.0425) and multiply by the net amount.
\[
\text{Bank Charge} = 55.94\times0.0425 \approx 2.38
\]

Answer:

\(2.38\)