Question
What would be the net annual cost of the following checking accounts? a. Monthly fee, $4.25; processing fee, 50 cents per check; assume checks written
| What would be the net annual cost of the following checking accounts? |
| a. | Monthly fee, $4.25; processing fee, 50 cents per check; assume checks written average to 16 per month. (Round your answer to 2 decimal places.) |
| Net annual cost | $ |
| b. | Interest earnings of 2 percent with a $550 minimum balance; average monthly balance, $750; monthly service charge of $14 for falling below the minimum balance, which occurs five times a year (no interest earned in these months). (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
| Net annual cost | $ |
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Advanced Finance Theories
Authors: Ser-Huang Poon
1st Edition
9814460370, 978-9814460378
