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Problem - Calculating the Net Costs of Checking Accounts

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Problem - Calculating the Net Costs of Checking Accounts

Determine the annual net cost of these checking accounts:

Monthly fee $4, check-processing fee of 20 cents, average of 23 checks written per month.

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.

Reference no: EM132695824

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