What would be the net annual cost of the following checking accounts?
a. Monthly fee, $4.25; processing fee, 50 cents per check; assume checks written average to 16 per month.
b. Interest earnings of 5 percent with a $500 minimum balance; average monthly balance, $8000; monthly service charge of $12 for falling below the minimum balance, which occurs five times a year (no interest earned in these months).
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Home » Business » What would be the net annual cost of the following checking accounts? a. Monthly fee, $4.25; processing fee, 50 cents per check; assume checks written average to 16 per month. b.