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).