What would be the net annual cost of the following checking account below? Monthly fee, $3.75; processing fee, 0.25 cents per check; checks are written an average of 22 a month.
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- What is the annual cost of a checking account with a monthly fee of $7.50 and a processing fee of $0.25 per check if you write an average of 2 checks per month?Assume an interest rate of 3 percent?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.
- A bank charges 1 ½% per month on the unpaid balance for purchases made with its credit card. This is equivalent to what effective annual interest rate?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.A person borrows $3,000 on a bank credit card at a nominalrate of 18% per year, which is actually charged at a rate of1.5% per month. a. What is the annual percentage rate (APR) for the card?(See Example 5.6.8 for a definition of APR.) b. Assume that the person does not place any additionalcharges on the card and pays the bank $150 eachmonth to pay off the loan. Let Bn be the balance owedon the card after n months. Find an explicit formulafor Bn . c. How long will be required to pay off the debt? d. What is the total amount of money the person will havepaid for the loan? If you could please answer b and d for me I put the other 2 questions there in cases they where somehow apart of b and d
- You could earn 3% on your money in your checking account, as long as the minimum balance does not fall below 200.00. Your average monthly balance stays at 200, 9 months of the years. Three months you fall below the 200.00 required balance. Monthly service fee for falling below the 200.00 is 10.00 per month for each occurrence. What is the cost of the checking accountYour bank is offering a certificate of deposit with an APR of 6.02% compounded monthly. What is the effective annual rate?You can earn .38 percent per month at your bank. If you deposit $2,100, how long must you wait until your account has grown to $3,800? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.
- You get a new credit card from your bank. The document that comes with the card informs you that the interest rate on that card is 19.1% APR. What is the effective annual rate you'll actually be paying? The credit card company uses monthly compounding of interest. Enter your answer as a percentage, rounded to 2 decimals, and without the percentage sign ('%'). For example, if your answer is 0.23456, then enter 23.46 21.98You have a credit card with an APR of 24.99 %, monthly compounding, that has a balance of $6,600. You want to transfer this balance to a different card with an APR of 8.99%, monthly compounding. Assuming that you will make minimum payments of $ 160 per month for either card, what transfer fee would make you ambivalent between transferring or not?a bank offered its clients a credit card which had a rate of 18.55% compounded daily. if it added 0.5% to the effective rate of interest on this card, what would be the nominal intrest rate compounded monthly?