1. Using the chart below. You want to open a checking account with a $100 deposit. You will make other deposits throughout the month, totally another $1500 additional. You believe that that you will have 15 transactions (bill pay, checks, etc) from the checking account per month, totaling $1350, all together. Afterwards, then you will also use other banks ATMs 3 times a month to withdraw cash. You will withdraw $320 (first time), $300 (second time), $200 (third time) from the other ATM. Your bank will charge you $4.00 each time you use other banks ATM and the other bank will charge you their own fee for using their ATMs. You will not be able to maintain a minimum balance in any account and will overdraft after all your checks clear. 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)

3) Using the chart below. You want to open a checking account with a $100 deposit. You will make other deposits throughout the month, totally another $1500 additional. You believe that that you will have 15 transactions (bill pay, checks, etc...) from the checking account per month, totaling $1350, all together. Afterwards, then you will also use other bank's ATMs 3 times a month to withdraw cash. You will withdraw $320 (first time), $300 (second time), $200 (third time) from the other ATM. Your bank will charge you $4.00 each time you use other banks ATM and the other bank will charge you their own fee for using their ATMs. You will not be able to maintain a minimum balance in any account and will overdraft after all your checks clear. 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- First bank South trust Bank- Sun Coast Bank ATM Charges Home bank:- Free Freee Freee Freee Using Other bank Atm:- $ 3.50 each+ 4% of transaction - $4+ $5 eache tttttttt $50 $75 $200 $15 $15 Checking:- minimum deposit $100 $100 Minimum balance- $150 $150 Monthly feese $12 Checking charges $4 each $2 each Overdraft fee $35 per incident $9 per incidente Totale NOTE: $15.00 additional will be charged for not maintaining the minimum balance at any time. $150 $20.- $4 each $3 each $ 25 per incidente $30 per incident |