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PFIN 3rd Edition by Lawrence Gitman,Michael Joehnk,Randall Billingsley
Edition 3ISBN: 978-1285082578PFIN 3rd Edition by Lawrence Gitman,Michael Joehnk,Randall Billingsley
Edition 3ISBN: 978-1285082578 Exercise 3
Determine the annual net cost of these checking accounts:
a. Monthly fee $4, check-processing fee of 20 cents, average of 23 checks written per month
b. Annual interest of 2.5 percent paid if balance exceeds $750, $8 monthly fee if account falls below minimum balance, average monthly balance $815, account falls below $750 during four months
a. Monthly fee $4, check-processing fee of 20 cents, average of 23 checks written per month
b. Annual interest of 2.5 percent paid if balance exceeds $750, $8 monthly fee if account falls below minimum balance, average monthly balance $815, account falls below $750 during four months
Explanation
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a) Compute the net annual cost:
Net ann...
PFIN 3rd Edition by Lawrence Gitman,Michael Joehnk,Randall Billingsley
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