I\'m having trouble getting the right answer on my homework. I keep getting an a

Question

I'm having trouble getting the right answer on my homework. I keep getting an answer that seems right to me but the system keeps telling me it's wrong. The question is: "Determine the annual net cost of these checking accounts. A "-" sign must precede any negative net cost answers. Round your intermediate calculations to two decimal places." Annual interest of 2.5% paid if balance exceeds $900, $6 monthly fee if account falls below minimum balance, average monthly balance $990, account falls below $900 during 6 months. Round the answer to the nearest cent. I've put -11.25 and it is incorrect.

Nevermind, I figured it out.

Explanation / Answer

Interest earnings in six months = Average balance x Annual interest rate x time in years

                                                        = $ 990 x 2.5 % x 6/12

                                                        = $ 990 x 0.025 x 0.5 = $ 12.375

Cost of six months for the balance dropped below $ 900 = $ 6 x 6 = $ 36

Total cost = $ 12.375 - $ 36 = - $ 23.625 or - $ 23.63

Annual cost of the checking accounts is - $ 23.63

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