Question
Maggie wants to open a checkingaccount that will be the least expensive given her normal financial transactions. She typically writes 15 checks a month and
Maggie wants to open a checkingaccount that will be the least expensive given her normal financial transactions. She typically writes 15 checks a month and uses an ATM 35 times a month. Her minimum checking balances falls to about $350 in an average month. Which of the following accounts would be lease expensive for Maggie? (Show Work please.)
Account A:
- No monthly fee is charged if a minimum balance of at least $300 is maintained.
- A $5.00 fee is charged in any month the minimum balance falls below $300.
- An ATM fee of $0.10 per transaction is charged on all transaction
Account B:
- No monthly fee is charged if a minimum balance of at least $500 is maintained
- A $3.00 fee plus $0.10/check is charged in any month the minimum balance falls below $500.
- There is no ATM fee on Transaction
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