A local bank offers a free checking account if you maintain a minimum balance of $1,000. Is

Question:

A local bank offers a “free” checking account if you maintain a minimum balance of $1,000. Is the account really free? Explain.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Personal Finance An Integrated Planning Approach

ISBN: 978-0136063032

8th edition

Authors: Ralph R Frasca

See More Books

Question Posted: Mar 19, 2015 10:33 AM

See More Questions

Checking accounts at a local bank carry an average balance of $ 3,000. The bank turns over its balance 6 times a year. On average, how many dollars flow through the bank each month?
A local bank advertises that it offers a free noninterest-bearing checking account if the depositor maintains a $500 minimum balance in the account. Is the checking account truly free?
A local bank advertises that it offers a free noninterest bearing checking account if the depositor maintains a $500 minimum balance in the account. Is the checking account truly free?
$559.35 is 113% of what amount?
Sierra Company incurs the following costs to produce and sell its only product. Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and...
In a study of how chief executive officers (CEOs) spend their days, it was found that CEOs spend an average of about 18 hours per week in meetings, not including conference calls, business meals, and...
Here is the income statement for Eberle, Inc. Additional information: 1. Common stock outstanding January 1, 2014, was 32,000 shares, and 40,000 shares were outstanding at December 31, 2014. 2. The...
Evolving standards of decency is used to assess the progress of a maturing society in determining what is cruel and unusual punishment in the context of the Eighth Amendment (Merlo and Benekos,...
Figure 9-26 illustrates a partial class diagram for a property management company. Using the data in the class diagram, create a database schema.
Explain all the advantages and disadvantages of U.S. Series EE and Series I bonds.
What institutions are banks? What makes an institution a bank, according to the text?
What does the concept of liquidity refer to? Explain.
How has the market's perception of the company evolved? -What are the market's expectations for the company's future in 2020? -How has the solvency evolved? -Is the financial structure risky? What is...
What ethical dilemmas do professionals face in fields such as medicine, law, and journalism, and how do they uphold ethical standards in their respective industries ?
How do marketers tie profits to specific channels to see that they are providing an ROI? Are there certain channels that have proven to more effective than others, or do you thing it depends on the...
Consider the following information regarding the performance of a money manager in a recent month. The table represents the actual return of each sector of the managers portfolio in column 1, the...
Define Organizational Behavior. What do you mean by 'Organizational Behavior'? What is scope of organizational behavior? Write short notes on Organization. What do you understand by Diversity?...
a. Draw the logic diagram of all the cells of one word in an associative memory. Include the read and write logic of Fig. 12-8 and the match logic of Fig. 12-9. Fig. 12-8 Fig. 12-9 b. Draw the logic...
The text defined intrinsic value as the value of an asset given a hypothetically complete understanding of the assets investment characteristics. Discuss why hypothetically is included in the...
Account payable are sometimes referred to as .
The Ohio Valley Steel Corporation has borrowed $5 million for one month at a stated annual rate of 9%, using inventory stored in a field warehouse as collateral. The warehouser charges a $5000 fee,...
The Rasputin Brewery is considering using a public warehouse loan as part of its short-term financing. The firm will require a loan of $500,000. Interest on the loan will be 10% (APR, annual...
Construct a short-term financial plan for Springfield Snowboards based on its expansion opportunity described in the "Positive Cash Flow Shocks" part of Section 20.1. Base the plan on the following...
A company is faced with the decision of whether to lease or purchase new equipment. The equipment can be leased at an annual cost of $210,000 or purchased for $560,000. The equipment has an expected...
Braverman Company has two manufacturing departments-Finishing and Fabrication. The predetermined overhead rates in Finishing and Fabrication are $28.00 per direct labor-hour and 120% of direct...
A stock had returns of 28%, 1%, and 13% over the previous 3 years. The average return on this stock over the 3-year period was 14%. What was the variance of this stock's returns over the previous 3...

A local bank offers a free checking account if you maintain a minimum balance of $1,000. Is

Question:

Step by Step Answer:

Unless the advertised checking account pays interest it is not ...View the full answer

Personal Finance An Integrated Planning Approach

Students also viewed these Accounting questions