Chapter 4 Financial Planning Exercise 5 Calculating the net costs of checking accounts Determine the annual net cost of these checking accounts. A "-" sign must precede any negative net cost answers. Round your intermediate calculations to two decimal places. a. Monthly fee $9, check-processing fee of 25 cents, average of 35 checks written per month. Round the answer to the nearest cent. b. Annual interest of 3.5% paid if balance exceeds $500, $6 monthly fee if account falls below minimum balance, average monthly balance $570, account falls below $500 during 6 months. Round the answer to the nearest cent