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What would be the net annual cost of the following checking accounts?
Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 14 a month.
Interest earnings of 4 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of $15 for falling below the minimum balance, which occurs three times a year (no interest earned in these months).

Respuesta :

abiolataiwo2015

Answer:

A.$87 cost

B. $17 net cost

Explanation:

Calculation for the net annual cost

A. Net annual cost=(14 checks×12 months×$0.25) + ($3.75×12 months)

Net annual cost=$42+$45

Net annual cost= $87 cost

Therefore the Net annual cost will be $87 cost

B. Net annual cost=[($600×.04)×9/12 ]-(4%*500+15)

Net annual cost=$18-$35

Net annual cost=$17 net cost

Therefore Net annual cost will be $17 net cost

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