Read Joshua’s scenario in the box below. Then, use the links provided to help you calculate his overdraft fees. The Scenario: ● When the day begins, Joshua has $116 in his checking account, and he has overdraft protection ● Before school he buys his cousin a round trip bus fare for $4 using his debit card ● He then uses the card to get gas in his car for $43 ● Once the banks open, a check he gave the school for his senior yearbook clears, and $75 comes out of his account ● Joshua’s Netflix account subscription is automatically debited today, too, so another $10 leaves the account ● After school he heads out with friends and uses his debit card to buy a $3 coffee ● He sends a person-to-person payment of $15 to his friend Bryant for his share of dinner ● Finally, he finishes out the day with some shopping to buy new soccer gear for $35 using his debit card at the store

Overdraft fees mean the amount of money by which Joshua has overdrawn his checking account, in essence, the excess of Joshua's expenses over the balance in his checking account as at the beginning of the day before all transactions for the day commence.

In the first place, we need to compute the total expenses for the day which includes bus fare for his cousin, cost of gas, withdrawal through check, Netflix subscription, cost of coffee, person-to-person payment of $15 and finally, the cost of new soccer gear

Total expenses=$4+$43+$75+$10+$3+$15+$35

Total expenses=$185.00

overdraft fees=total expenses-bank balance

bank balance=$116.00

overdraft fees=$185.00-$116.00

overdraft fees=$ 69.00

The implication of the above overdraft fees is that Joshua now owes the bank $69.00 since he has spent more than his balance at the bank, hence, the account has been overdrawn

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