What would be the net annual cost of the following checking accounts? a. Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 14 a month. b. Interest earnings of 4 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of $15 for falling below the minimum balance, which occurs three times a year (no interest earned in these months).

What would be the net annual cost of the following checking accounts? a. Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 14 a month. b. Interest earnings of 4 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of $15 for falling below the minimum balance, which occurs three times a year (no interest earned in these months).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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