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What would be the net annual cost of the following chequing accounts? a. Monthly fee, $3.75; processing fee, 25 cents per cheque; cheques written, an
What would be the net annual cost of the following chequing accounts?
a. Monthly fee, $3.75; processing fee, 25 cents per cheque; cheques written, an average of 2 a month; $0.50 per debit transaction over the 20 debit transactions per month free with an average of 40 per month made.
b. Interest earnings of 2 percent with a $1,000 minimum balance; average monthly balance, $1,600; monthly service charge of $10 for falling below the minimum balance, which occurs three times a year (no interest earned in these months).
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