What would be the net annual cost of the following checking accounts? a. Monthly fee, $3.75;...

What would be the net annual cost of the following checking accounts?

a. Monthly fee, $3.75; processing fee, .35 cents per check. Checks written, an average of 14 a month.

b. Interest earnings of 4 percent with a $550 minimum balance; average monthly balance, $650; monthly service charge of $12 for falling below the minimum balance, which occurs three times a year (no interest earned in these months)

Expert Solution

jeff jeffy answered 3 months ago

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