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 total check amounts

$1380.15 + 670+95.67 + 130+87.60=2363.42$

Step2: Calculate initial - balance deficit

$2363.42−1400 = 963.42$ Since the bank charges a $27 per - check overdraft protection fee, and there are 5 checks, the number of checks that overdraw the account needs to be determined. The balance after the first check on July 9: $1400 - 1380.15=19.85$ The balance after the second check on July 10: $19.85-670=- 650.15$, so the second check causes an overdraft. The third check on July 10 (the $95.67$ one) also causes an overdraft as the account is already overdrawn. The fourth check on July 11 causes an overdraft, and the fifth check on July 12 causes an overdraft. The number of overdraft - causing checks is 4.

Step3: Calculate overdraft protection fees

$27\times4 = 108$

Step4: Calculate the amount owed to the bank

The total amount of checks is $2363.42$ and the initial balance is $1400$, and the overdraft protection fees are $108$. The amount owed to the bank is $2363.42-1400 + 108=1071.42$

Answer:

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