a. Monthly fee, $3.85; processing fee, 30 cents per cheque; cheques written, an average of 2 a month; $0.60 per debit tr
Posted: Thu May 19, 2022 12:08 am
a. Monthly fee, $3.85; processing fee, 30 cents per cheque; cheques written, an average of 2 a month; $0.60 per debit transaction over the 20 debit transactions per month that are free with an average of 40 per month made. (Round your final answer to 2 decimal places. Omit the "$" sign in your response.)
Annual cost $___________________
b. Interest earnings of 7 percent with a $500 minimum balance; average a monthly balance, $600; monthly servuce charge of $15 for falling below the minimum balance, which occurs three times a year ( no interest earned in these months). (Round your final answer to 2 decimal places. Omit the "$" sign in your response.)
Net Cost $_____________________
Annual cost $___________________
b. Interest earnings of 7 percent with a $500 minimum balance; average a monthly balance, $600; monthly servuce charge of $15 for falling below the minimum balance, which occurs three times a year ( no interest earned in these months). (Round your final answer to 2 decimal places. Omit the "$" sign in your response.)
Net Cost $_____________________