Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started