Problem $5-10$ Comparing Costs of Checking Accounts $[$LO$5-5]$

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

a$.$ Monthly fee, $$4\mathrm{.}30$; processing fee, $$0\mathrm{.}35$ cents per check; checks written, an average of $21$ a month.

Note: Do not round intermediate calculations. Input the answer as a positive value. Round your final answer to $2$ decimal

places.

Net annual cost

b$.$ Interest earnings of $6$ percent with a $$500$ minimum balance; average monthly balance, $$700$; monthly service charge of $$14$ for

falling below the minimum balance, which occurs three times a year $($no interest earned in these months$).$

Note: Do not round intermediate calculations. Input the answer as a positive value. Round your final answer to $2$ decimal

places.

Net annual cost