Ask Question
4 February, 11:04

You deposit a $100 check from a friend in your account. A couple of days later, you buy $45.20 worth of groceries and pay with a check. Two days later you receive a note from the bank stating that your friend's check bounced and you owe the bank a $25 fee. Since your friend's check bounced, your account balance was actually $100 less than you thought it was, and the check you wrote to the grocery store bounced. Guess what? The bank debited your account another $25 for bouncing the check. It gets worse. The next day you receive a letter from the grocery store that you owe them $25 in fees for the bad check and that you have to pay the original $45.20 with a money order that will cost you $1. Calculate how much you actually spent for your groceries.

+3
Answers (1)
  1. 4 February, 12:54
    0
    The correct answer is, $121.2

    Explanation:

    You went for grocery and paid the bill through check.

    Amount of grocery purchased: $45.20

    You check bounced and you owe bank $25 because you didn't have much balance in your account that you paid for the groceries.

    Your bank did an additional transaction of debiting your account with $25 for the bouncing of your check.

    Grocery store sent you the letter to tell that you owe them $25 for the bounced check

    You will have to pay again $45.20

    Money order fee: $1

    So the amount that you actually spent on groceries would be:

    $45.2 (real grocery amount) + $25 (you owe to bank for bouncing your friend's check) + $25 (Your check bounced) + $25 (grocery store charged due to bounced check) + $1 (money order)

    = $121.2

    So you are actually charged $ 121.2 for the groceries.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You deposit a $100 check from a friend in your account. A couple of days later, you buy $45.20 worth of groceries and pay with a check. Two ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers