You are looking for a bank in which to open a checking account for your new part-time business. You estimate that in the first year, you will be writing 30 checks per month and will make three debit transactions per month. Your average daily balance is estimated to be $900 for the first six months and $2,400 for the next six months. Use the following information to solve the problem. Bank Monthly Fees and Conditions Bank 1 $17.00 with $1,000 min. daily balance -or- $25.00 under $1,000 min. daily balance Bank 2 $4.50 plus $0.40 per check over 10 checks monthly $1.00 per debit transaction Bank 3 $5 plus $0.25 per check $2.00 per debit transaction Bank 4 $7 plus $0.15 per check $1.50 per debit transaction (a) Calculate the cost (in $) of doing business with each bank for a year. Bank 1$ Bank 2$ Bank 3$ Bank 4$
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
| Bank | Monthly Fees and Conditions |
|---|---|
| Bank 1 | $17.00 with $1,000 min. daily balance -or- $25.00 under $1,000 min. daily balance |
| Bank 2 | $4.50 plus $0.40 per check over 10 checks monthly $1.00 per debit transaction |
| Bank 3 | $5 plus $0.25 per check $2.00 per debit transaction |
| Bank 4 | $7 plus $0.15 per check $1.50 per debit transaction |
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
