Checking Account Calculator

How to Use This Calculator

To calculate your checking account balance:

1. Enter your starting balance in the "Initial Balance" field.
2. Add any deposits to your account in the "Deposits" field.
3. Subtract any withdrawals from your account in the "Withdrawals" field.
4. Enter your annual interest rate in the "Interest Rate" field.
5. Add any monthly fees in the "Monthly Fees" field.
6. Click the "Calculate" button to see your final balance.

The calculator will display your final balance, interest earned, and total fees deducted.

Formula Used

The checking account balance is calculated using the following formula:

Where:

• Initial Balance - The starting amount in your checking account
• Deposits - Total amount added to your account
• Withdrawals - Total amount taken out of your account
• Interest Rate - Annual interest rate (expressed as a decimal)
• Monthly Fees - Any fees deducted from your account

Worked Example

Let's say you have a checking account with the following details:

• Initial Balance: $1,000
• Deposits: $500
• Withdrawals: $200
• Interest Rate: 1.5% (0.015 as a decimal)
• Monthly Fees: $5

Using the formula:

So, your final balance would be $1,314.50 after one year.