Financial Planning Exercise $5$

Calculating the net costs of checking accounts

Determine the annual net cost of these checking accounts. A $"-"$ sign must precede any negative net cost answers. Round your intermediate calculations to two decimal places.

a$.$ Monthly fee $$5,$ check$-$processing fee of $30$ cents, average of $16$ checks written per month. Round the answer to the nearest cent. $

b$.$ Annual interest of $2\mathrm{.}0\%$ paid if balance exceeds $$800,$$$5$ monthly fee if account falls below minimum balance, average monthly balance $$865,$ account falls below $$800$ during seven months. Round the answer to the nearest cent. $