a. Monthly fee, $2.95; processing fee, $0.35 per check; checks written, an average of 31 amonth.b. Interest earnings of 7 percent with a $650 minimum balance; average monthly balance,$700; monthly service charge of $16 for falling below the minimum balance, which occurs threetimes a year (no interest earned in these months).

a. Monthly fee, $2.95; processing fee, $0.35 per check; checks written, an average of 31 amonth.b. Interest earnings of 7 percent with a $650 minimum balance; average monthly balance,$700; monthly service charge of $16 for falling below the minimum balance, which occurs threetimes a year (no interest earned in these months).

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 5FPE: Calculating the net costs of checking accounts. Determine the annual net cost of these checking...

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