Comparing Cost of Checking Cost: What would be the net annual cost of the following checking accounts?

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a) Monthly fee, $3.75; processing fee, $0.25 cent per check; check written, an average of 22 a month

b) Interest earning of 6 percent with a $500 minimum balance; average monthly balance, $600; monthly services charge of $15 for falling below the minimum balance, which occurs three times a year (no interest earned in these months.)

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Focus On Personal Finance

ISBN: 9780077861742

5th Edition

Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart

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Question Posted: Aug 26, 2013 06:48 AM

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Comparing Cost of Checking Cost: What would be the net annual cost of the following checking accounts?

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AComputation of the cost of Checking cost Given information Mo...View the full answer

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