Question

find the amount of the bank charge on the sales/refunds record for 09/24/10 if the fee paid by the business is 4.75%.
the bank charge will be $\square$.
(round to the nearest cent as needed.)
09/24/10
sales refunds
$62.49 $33.84 $99.77
$830.18 $66.93 $174.14
$428.62 $707.85 $97.51
$91.84 $212.39
$70.35 $207.58

Explanation:

Step1: Calculate total sales

First, sum up all the sales amounts. The sales amounts are $62.49, $830.18, $428.62, $91.84, $70.35.

$$ 62.49 + 830.18 + 428.62 + 91.84 + 70.35 = 62.49+830.18 = 892.67; 892.67+428.62 = 1321.29; 1321.29+91.84 = 1413.13; 1413.13+70.35 = 1483.48 $$

Step2: Calculate total refunds

Next, sum up all the refunds amounts. The refunds amounts are $33.84, $66.93, $707.85, $212.39, $207.58.

$$ 33.84 + 66.93 + 707.85 + 212.39 + 207.58 = 33.84+66.93 = 100.77; 100.77+707.85 = 808.62; 808.62+212.39 = 1021.01; 1021.01+207.58 = 1228.59 $$

Step3: Calculate net amount (sales - refunds)

Subtract total refunds from total sales to get the net amount.

$$ 1483.48 - 1228.59 = 254.89 $$

Step4: Calculate bank charge

Multiply the net amount by the fee percentage (4.75% or 0.0475) to get the bank charge.

$$ 254.89\times0.0475 = 12.107275 $$

Round to the nearest cent.

Answer:

\(12.11\)