note: please make sure to properly format your answers. all dollar figures in the answers need to include…

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all items without specific rounding instructions, round your answers to two decimal places, show both decimal places (5.06). ridgewood savings bank charges a $27 per check overdraft protection fee. on july 8, nancy had $1,400 in her account. over the next four days, the following checks arrived for payment at her bank: july 9, $1,380.15; july 10, $670 and $95.67; july 11, $130; and july 12, $87.60. how much will she pay in overdraft protection fees? how much will she owe the bank after july 12?

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all items without specific rounding instructions, round your answers to two decimal places, show both decimal places (5.06). ridgewood savings bank charges a $27 per check overdraft protection fee. on july 8, nancy had $1,400 in her account. over the next four days, the following checks arrived for payment at her bank: july 9, $1,380.15; july 10, $670 and $95.67; july 11, $130; and july 12, $87.60. how much will she pay in overdraft protection fees? how much will she owe the bank after july 12?

Answer

Explanation:

Step1: Calculate the total amount of checks

Add up the amounts of all the checks: $1380.15 + 670+95.67 + 130+87.60=$2363.42$

Step2: Determine the initial balance

The initial balance on July 8 is $1400$.

Step3: Calculate the short - fall amount

The short - fall amount is $2363.42 - 1400=$963.42$

Step4: Determine the number of overdrawn checks

Since the checks are processed one by one, and the account goes into overdraft on the first check on July 9, and remains in overdraft for the subsequent checks. The number of checks that cause an overdraft is 4.

Step5: Calculate the overdraft protection fees

The bank charges $27$ per check overdraft protection fee. So the total overdraft protection fees are $27\times4=$108$

Step6: Calculate the amount owed to the bank

The amount owed to the bank is the short - fall amount plus the overdraft protection fees, so $963.42+108=$1071.42$

Answer:

Overdraft protection fees: $$108.00$ Amount owed to the bank: $$1071.42$