Total cost of checking account
Determine the annual or yearly net cost of checking account.
Annual interest of 2.5% paid if balance exceeds $750,$8 monthly fee if accounts falls below minimum balance, average monthly balance $815, accounts falls below $750 during 4 months.
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Determine the annual or yearly net cost of checking account. Annual interest of 2.5% paid if balance exceeds $750,$8 monthly fee if accounts falls below minimum balance, average monthly balance $815, accounts falls below $750 during 4 months.
Which method would produce the highest net income for 2011? Which method produces the lowest net income?
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