Maggie wants to open a checking account that will be the least expensive given her normal financial transactions.She typically writes 15 checks a month and uses an ATM 35 times a month.Her minimum checking balances falls to about $350 in an average month.Which of the following accounts would be least expensive for Maggie? (Show all your work.)
Account A:
- No monthly fee is charged if a minimum balance of at least is maintained.
- A fee is charged in any month the minimum balance falls below .
- An ATM fee of per transaction is charged on all transactions.
Account B:
- No monthly fee is charged if a minimum balance of at least is maintained.
- A fee plus check is charged in any month the minimum balance falls below .
- There is no ATM fee on transactions.
Correct Answer:
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Cost of Account A = ...
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