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How do u do a bank statement question in maths?

1 answers
Answered Jun 20General
Will WilsonExperienced Tutor | Undergraduate in Mathematics and Philosophy 73 students helped

I have seen a foundation paper question on bank statements and so I will try my best to explain all the parts without the use of a diagram. A maths paper bank statement consists of columns. The first column is for the date of transaction. The next is the name of the item such as 'Pay Check' or 'Asda Shopping'. The next column is for money in such as £23 for a refund. The next column is for money out. The final column is for current balance total. An example: 01/01/00 | Starting Balance | | | £234.00 01/01/00 | Amazon | | £46.00| £188.00 05/01/00 | Pay Check | £360.00 | | £548.00 31/01/00 | Interest | £2.78 | | £550.74 31/01/00 | Closing Balance | | | £550.74 Then usually at the end of a bank statement is a calculation of interest. Interest is the money given by the bank and usually a percentage of the money you have at the end of the month. Let's say the interest is at 0.5% per month. So for our example, we calculate 0.5% of £548.00. £548.00 x 0.005=£2.74 So the closing balance would be £548.00 +£2.74 =£550.74 Remember every transaction (money in out and out) needs a separate line. I hope this helps to give an overview.