Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check Writing Fees. Randy, a student has 575 to deposit in a new chequing account, but Randy knows he will not be able to maintain

image text in transcribed
image text in transcribed
Check Writing Fees. Randy, a student has 575 to deposit in a new chequing account, but Randy knows he will not be able to maintain a minimum balance. He will not use an ATM card, but will write a large number of cheques. Randy is trying to choose between the unlimited check writing offered by South Trust and the low per-check fee offered by Sun Coast How many checks would Randy have to write each month for the account at South Trust to be the better option? (Hint Use the table to determine the best bank for Randy) For the account at South Trust Bank to be the better option, the number of checks Randy would need to write each month is I. (Round to the nearest whole number) enil, nas 75 ndy is trying to the account al balance. He wil ered by Sun Coa dy.) co be the bett fest whole numb South Trust Bank Sun Coast Bank ATM charges: Home bank Free Free Other bank $1.39 per use $1.39 per use Checking: Minimum deposit $1 $1 Minimum balance required $500 NA to avoid fees* Monthly fees $9.00 $4.50 Check-writing charges Unlimited Each cheque 25 cents * N/A means monthly fees apply irrespective of account balances Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions