Pfin (book Only)
Pfin (book Only)
6th Edition
ISBN: 9781337117029
Author: Billingsley, Randy; Joehnk, Michael D.; Gitman, Lawrence J.
Publisher: Cengage Learning
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Chapter 4, Problem 5FPE

Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts:

  1. a. Monthly fee $4, check-processing fee of 20 cents, average of 23 checks written per month
  2. b. Annual interest of 1.5 percent paid if balance exceeds $750, $8 monthly fee if account falls below minimum balance, average monthly balance $815, account falls below $750 during four months
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