What would be the net annual cost of the following checking accounts? a. Monthly fee, $2.75; processing fee, 30 cents per check; checks written, an average of 12 a month. (Do not round intermediate calculations. Round your answer to 2 decimal places. Input the amount as a positive value.) Answer is not complete. Net annual cost b. Interest earnings of 3 percent with a $500 minimum balance; average monthly balance, $600, monthly service charge of $11 for falling below the minimum balance, which occurs five times a year (no interest earned in these months). (Do not round intermediate calculations. Round your answer to 2 decimal places. Input the amount as a positive value.) Answer is complete but not entirely correct. Net annual cost 58.75
What would be the net annual cost of the following checking accounts? a. Monthly fee, $2.75; processing fee, 30 cents per check; checks written, an average of 12 a month. (Do not round intermediate calculations. Round your answer to 2 decimal places. Input the amount as a positive value.) Answer is not complete. Net annual cost b. Interest earnings of 3 percent with a $500 minimum balance; average monthly balance, $600, monthly service charge of $11 for falling below the minimum balance, which occurs five times a year (no interest earned in these months). (Do not round intermediate calculations. Round your answer to 2 decimal places. Input the amount as a positive value.) Answer is complete but not entirely correct. Net annual cost 58.75
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:What would be the net annual cost of the following checking accounts?
a. Monthly fee, $2.75: processing fee, 30 cents per check; checks written, an average of 12 a month. (Do not round intermediate
calculations. Round your answer to 2 decimal places. Input the amount as a positive value.)
Answer is not complete.
Net annual cost
b. Interest earnings of 3 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of $11 for
falling below the minimum balance, which occurs five times a year (no interest earned in these months). (Do not round intermediate
calculations. Round your answer to 2 decimal places. Input the amount as a positive value.)
Answer is complete but not entirely correct.
Net annual cost
58.75 O
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