Wilson & Co. has a checking account with a monthly fee of $4.50 and a processing fee of $0.30 per check. On average, the company writes 18 checks per month. What is the net annual cost of this checking account?

Wilson & Co. has a checking account with a monthly fee of $4.50 and a processing fee of $0.30 per check. On average, the company writes 18 checks per month. What is the net annual cost of this checking account?

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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Question

What is the net annual cost of this checking account on these financial accounting question?

Wilson & Co. has a checking account with a monthly fee of $4.50
and a processing fee of $0.30 per check. On average, the company
writes 18 checks per month.
What is the net annual cost of this checking account?

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