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(Solved by Expert Tutors) ch 47. BUSINESS DECISION: CHOOSING A BANK?You are looking


7. BUSINESS DECISION: CHOOSING A BANK?
You are looking

for a bank in which to open a checking account for your new part-time business. You estimate that in the first year, you will be writing 30 checks per month and will make three debit transactions per month. Your average daily balance is estimated to be $900 for the first six months and $2,400 for the next six months. Use the following information to solve the problem.
?Round your answers to the nearest cent.
?BankMonthly Fees and ConditionsIntercontinental Bank$14.00 with $1,000 min. daily balance
??-or-
??$24.00 under $1,000 min. daily balanceCity National Bank$4.20 plus $0.50 per check over 10 checks monthly
??$1.20 per debit transactionBank of America$5.00 plus $0.25 per check
??$2.50 per debit transactionFirst Union Bank$10.00 plus $0.15 per check
??$1.60 per debit transaction
?a. Calculate the cost of doing business with each bank for a year.
Intercontinental Bank: $
City National Bank: $
Bank of America: $
First Union Bank: $

 


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