Multiple Choice
Lorenzo is considering two banks for his chequing account. Thrift Bank requires a minimum deposit of $100, charges a monthly fee of eight dollars, plus $0.50 per cheque. Merchants Bank also requires a minimum deposit of $100, charges no monthly fee, but charges one dollar per cheque. How many cheques would Lorenzo need to write each month to make Thrift Bank less expensive to use than Merchants Bank?
A) 16 cheques
B) 8 cheques
C) 26 cheques
D) 192 cheques
Correct Answer:
Verified
Correct Answer:
Verified
Q13: In planning a money management strategy,which of
Q39: Credit unions are nonprofit depository institutions that
Q65: The average term of debt held in
Q66: The Canada Deposit Insurance Corporation (CDIC)insures deposits
Q67: Bank ABM charges may be substantial if
Q69: A financial conglomerate offers a diverse set
Q71: Compare and contrast the following investments: GIC,
Q72: Wanda Clark expects interest rates to decline
Q74: You have $3,000 that you may need
Q75: Some banks require a minimum deposit of