What is the annual opportunity cost of a checking account that requires a $500 minimum balance to avoid service charges? Assume an interest rate of 3 percent.
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- An FI has estimated the following annual costs for its demand deposits: management cost per account = $150, average account size = $1600, average number of cheques processed per account per month = 75, cost of clearing a cheque = $0.10, fees charged to customer per cheque = $0.05, and average fee charged per customer per month = $15. (a) What is the implicit interest cost of demand deposits for the FI? (b) If the FI has to keep an average of 8 per cent of demand deposits as required reserves with the RBA paying no interest, what is the implicit interest cost of demand deposits for the FI? (c) What should be the per-cheque fee charged to customers to reduce the implicit interest costs to 3 per cent? Ignore the reserve requirements.An FI has estimated the following annual costs for its demand deposits: management cost per account = $150, average account size = $1400, average number of cheques processed per account per month = 65, cost of clearing a cheque = $0.10, fees charged to customer per cheque = $0.05, and average fee charged per customer per month = $10.(a) What is the implicit interest cost of demand deposits for the FI?(b) If the FI has to keep an average of 6 per cent of demand deposits as required reserves with the Central Bank paying no interest, what is the implicit interest cost of demand deposits for the FI?(c) What should be the per-cheque fee charged to customers to reduce the implicit interest costs to 2 per cent? Ignore the reserve requirements.If a credit card you are interested in has an APR of 16%, what would the Daily Periodic Rate (DPR) be? (express your answer as a percent and as a decimal) O.0438% = .000438 O 000438% = .0438 O.16% = .0016 O 1.33% = 1.33
- To payoff a loan of $1000 you need to make 40 payment of $36.56 per month. What rate of interest are you paying? What is the stated or quoted rate? What is the annual percentage rate? What is the effective annual rate? What rate is bank likely to use to state its rate?The amount of simple interest on a deposit varies jointly with the principal and the time in days. If $17.85 is earned on a deposit of $3500 for 12 days, how much interest would be earned on a deposit of $3700 for 20 days? ... The deposit would earn S in interest. (Simplify your answer. Round to the nearest cent as needed.)Can we calculate the total annual interest payment for a credit card by using the future value formula? how?
