What would be the net annual cost of the following checking accounts? (Obj. 4) a. Monthly fee,

Question:

What would be the net annual cost of the following checking accounts? (Obj. 4)

a. Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 14 a month.

b. Interest earnings of 4 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of

$15 for falling below the minimum balance, which occurs three times a year (no interest earned in these months).

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Focus On Personal Finance

ISBN: 9780073382425

3rd Edition

Authors: Jack Kapoor, Les Dlabay, Robert Hughes

Question Posted: