Question: Chapter 4 Financial Planning Exercise 5 Calculating the net costs of checking accounts Determine the annual net cost of these checking accounts. A - sign

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.

Monthly fee $10, check-processing fee of 30 cents, average of 27 checks written per month. Round the answer to the nearest cent. $

Annual interest of 3.5% paid if balance exceeds $400, $7 monthly fee if account falls below minimum balance, average monthly balance $485, account falls below $400 during 5 months. Round the answer to the nearest cent. $

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