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PFIN 5th Edition by Randall Billingsley,Lawrence Gitman,Michael Joehnk
Edition 5ISBN: 978-1305661707PFIN 5th Edition by Randall Billingsley,Lawrence Gitman,Michael Joehnk
Edition 5ISBN: 978-1305661707 Exercise 2
Calculating the net costs of checking accounts. 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 1.5 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 1.5 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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Annual net cost of the checking account ...
PFIN 5th Edition by Randall Billingsley,Lawrence Gitman,Michael Joehnk
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