Kyle's checking account requires that he maintain a minimum balance of $3000 to avoid a monthly service fee, and his balance at the beginning of this month was $3202.93. If Kyle's transactions so far this month have been a direct deposit of $436.37 on the 4th of the month, a check written by Kyle on the 7th of the month to his landlord for $650 that cleared the next day, and a cash deposit of $300 on the 10th of the month, has Kyle been able to avoid the monthly service fee?

Question

Nayeli Scott

Business

28 May, 09:28

Kyle's checking account requires that he maintain a minimum balance of $3000 to avoid a monthly service fee, and his balance at the beginning of this month was $3202.93. If Kyle's transactions so far this month have been a direct deposit of $436.37 on the 4th of the month, a check written by Kyle on the 7th of the month to his landlord for $650 that cleared the next day, and a cash deposit of $300 on the 10th of the month, has Kyle been able to avoid the monthly service fee?

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Tommy Schneider · Answer 1

C. No, because his lowest balance so far this month has been $2989.30

Start with 3202.93 and add 436.37 = 3639.30

Then take 650 away (3639.30 - 650 = 2989.20)

It says that he must maintain a minimum of 3000 so when the check cleared he went below this amount. (just verified on apex)