Question

A local bank charges a $31-per-check overdraft protection fee. On June 5, Lewis has $932.77 in his account. Over

the next few days, the following checks were submitted: June 6, $791.29, $340.50, and $208.35; June 7, $428.61;
and June 8, $113.3. How much will he pay in overdraft fees?

Answer 1

Answer: The total amount of overdraft fees that Lewis will pay is {$1149.28}.

Explanation:

To find out how much Lewis will pay in overdraft fees, we need to calculate the total amount of his overdrafts. We can do this by subtracting the sum of his checks from his account balance on June 5. This gives us:

overdraft = 932.77 - (791.29 + 340.50 + 208.35 + 428.61 + 113.3)

= 932.77 - 2082.05

= -1149.28

Since the bank charges a $31-per-check overdraft protection fee, Lewis will have to pay $31 for each check that he overdraws his account. Since he overdraws his account by $1149.28 in total, he will have to pay $31 * (1149.28 / 31) = $1149.28 in overdraft fees.

Therefore, the total amount of overdraft fees that Lewis will pay is {$1149.28}.