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Connect e solved. What would be ! C secure l https://newconnect.mheducation.com/flow/connect.html Lesson 5 Homework 6 Saved Help Save & Exit Submit Check my work 10 What would be the net annual cost of the following checking accounts? (a) Monthly fee, $3.75; processing fee, $0.25 cents per check; checks written, an 1.36 points average of 22 a month. (Do not round intermediate calculations. Input the answer as a positive value.) annual cost Print References (b) Interest earnings of 6 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of $15 for falling below the minimum balance, which occurs three times a year (no interest earned in these months). (Do not round intermediate calculations. Input the answer as a positive value.) annual cost Mc 3:47 u

Explanation / Answer

a Net annual cost Per month Annual Monthly fee 3.75 45 Processing fee 0.25 per check 5.5 66 [0.25*22] Net annual cost 111 Amount b Minimum balance failure charges 15*3 45 Interest income 600*6% -36 Net annual cost 9

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