What would be the net annual cost of the following checking accounts? a. Monthly fee, $3.75; processing

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What would be the net annual cost of the following checking accounts?

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).

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Focus On Personal Finance

ISBN: 9780077861742

5th Edition

Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart

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Question Posted: Nov 20, 2018 12:07 PM

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What would be the net annual cost of the following checking accounts? a. Monthly fee, $3.75; processing

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a 14 checks 12 months ...View the full answer

Focus On Personal Finance

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