Let the amount for monthly bills be denoted as $X.00
Let amount for bill be denoted by $Z.00 and since Mr. Elliott paid 9 bills the total amount for bill will be $ 9 x Z = $9Z.00
Let Charge for requested print statement be denoted by $E.00
Let the charge on his out –of Network transaction be $A.00 and since Mr. Elliott made two out-of Network transaction the total charge would be =$ 2 x A => $2A.00
Let the Charge on the Cash advance be denoted as $C.00
Now Mr. Elliott’s total fees for the month denoted by $T = X.00 +9Z.00+E.00+2A.00+C.00
Step-by-step explanation:
In order to get a clear understanding of this answer we have to first understand what a cash advance is
According to Wikipedia
A cash advance is a service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit. For a credit card, this will be the credit limit (or some percentage of it).Cash advances often incur a fee of 3 to 5 percent of the amount being borrowed.
Now we know what a cash advance mean hence we can see that Dan Elliott’s cash advance of $200.00 will incur 3 to 5 percent charge which is equal to 5% of $200.00 or 3% of $200.00 depending on his bank. We also have to understand what an out-of Network transaction is,
An out-of Network transaction is a transaction that is been carried out on an ATM that is outside of your bank network example Mr. Elliott has an account with Bank of America i.e. He banks with Bank of America and then he carried out a transaction like cash withdrawal on an ATM that is on Wells Fargo bank network, this kind of transaction is known as an out-of Network transaction and this kind of transaction attract an extra charge. It’s also important to note that banks do charge their customers for requested statement of account.
