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Calculate the net costs of checking accounts

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Problem - Calculate 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 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 4 months.

Reference no: EM132799862

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