Using the chart below. You want to open a checking account with a $100 deposit. You will make other deposits throughout the month, totally another $1300 additional. You believe that that you will write 10 checks per month, totaling $850 all together. You will use other banks ATMs 4 times a month. You will withdraw $200 from the other ATM every time. You will not be able to maintain a minimum balance in any account and will overdraft after all your checks clear. Which bank, with the least total combined fees should you choose? Show work. (hint, it is easier if you use a chart and then calculate down the column)

Hillsboro bank

First bank

South trust Bank

Sun Coast Bank

ATM Charges

Home bank:

Free

Free

Free

Free

Using Other bank Atm:

$ 4 each

5% transaction fee

$4.50

$3 each

Checking:

minimum deposit

$100

$50

$50

$200

Minimum balance

$50

$150

$200

$150

Monthly fees

$20

$15

$5

$10

Check-writing charges

$0.50 each

$1.50 each

$2.50 each

$2 each

Overdraft fee

$35 per incident

$30 per incident

$28 per incident

$35 per incident

NOTE: $7.50 will be charged for not maintaining the minimum balance at any time.