Maxine had a $54.00 balance in her checking account when a check for $67.00 was cashed.

Question 1: Maxine had a $54.00 balance in her checking account when a check for $67.00 was cashed. She was charged an overdraft fee. The next day her paycheck, for $312.61, was direct deposited. Determine the overdraft fee if Maxine’s available balance is now $274.61.

Question 2: Rose’s checking account has a balance of -$54. She makes no more withdrawals but deposits $15 per day in her account over the next 5 days. On the sixth day, she makes no deposits, but the bank charges a maintenance fee of $5. What is the balance in her account on the sixth day?

 

ANSWER 2: $15 per day

Let x be the total amount in her bank account on the sixth day.

x = -54 + 5×15 – 5

x = -54 + 75 – 5

x = $16

Thus, the amount in her bank account on the sixth day is $16 if Rose’s checking account has a balance of -$54. She makes no more withdrawals but deposits $15 per day in her account over the next 5 days.