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PFIN 2nd Edition by Lawrence Gitman ,Michael Joehnk,Randall Billingsley
Edition 2ISBN: 978-1111821999PFIN 2nd Edition by Lawrence Gitman ,Michael Joehnk,Randall Billingsley
Edition 2ISBN: 978-1111821999 Exercise 5
Determine the annual net cost of these checking accounts:
a. Monthly fee $5, check-processing fee of 25 cents, average of 19 checks written per month
b. Annual interest of 2.5% paid if balance exceeds $750, $8 monthly fee if account falls below minimum balance, average monthly balance $815, account falls below $750 during 4 months
a. Monthly fee $5, check-processing fee of 25 cents, average of 19 checks written per month
b. Annual interest of 2.5% paid if balance exceeds $750, $8 monthly fee if account falls below minimum balance, average monthly balance $815, account falls below $750 during 4 months
Explanation
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a.
The net annual cost of checking accou...
PFIN 2nd Edition by Lawrence Gitman ,Michael Joehnk,Randall Billingsley
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