3) Using the chart below to find the best bank. You want to open a checking account with a $100 deposit. You will make other deposits throughout the month, totally another $1000 additional deposit. You will write 5 checks a month for various bills, totaling $600. You will use other bank's ATMs 5 times a month, incurring an ATM charge. You will withdraw $200 from the other ATM every time. You will not be able to maintain a minimum balance in any account and will overdraft only after all your checks clear. NOTE: $7.50 will be charged for not maintaining the minimum balance at the end of the mouth. Which bank, with the least total combined fees should you choose? Show work. (Hint, it is easier if you use a chart and then calculate down the column) Hillsboro bank South trust Bank Sun Coast Bank First bank ATM Charges Home bank: Free Free Free Free 3% transaction fee $4.50 Using Other bank Atm: $ 4 each $3 each Checking: minimum deposit Minimum balance Monthly fees Check-writing charges $100 $50 $50 $200 $50 $150 $200 $150 $20 $15 $5 $10 $0.50 each $1.50 each $2.50 each $2 each $28 per incident incident incident incident $35 per $30 per $35 per Overdraft fee NOTE: $7.50 will be charged for not maintaining the minimum balance at the end of the month. ---- 3) Using the chart below to find the best bank. You want to open a checking account with a $100 deposit. You will make other deposits throughout the month, totally another $1000 additional deposit. You will write 5 checks a month for various bills, totaling $600. You will use other bank's ATMs 5 times a month, incurring an ATM charge. You will withdraw $200 from the other ATM every time. You will not be able to maintain a minimum balance in any account and will overdraft only after all your checks clear. NOTE: $7.50 will be charged for not maintaining the minimum balance at the end of the mouth. Which bank, with the least total combined fees should you choose? Show work. (Hint, it is easier if you use a chart and then calculate down the column) Hillsboro bank South trust Bank Sun Coast Bank First bank ATM Charges Home bank: Free Free Free Free 3% transaction fee $4.50 Using Other bank Atm: $ 4 each $3 each Checking: minimum deposit Minimum balance Monthly fees Check-writing charges $100 $50 $50 $200 $50 $150 $200 $150 $20 $15 $5 $10 $0.50 each $1.50 each $2.50 each $2 each $28 per incident incident incident incident $35 per $30 per $35 per Overdraft fee NOTE: $7.50 will be charged for not maintaining the minimum balance at the end of the month
