Lorenzo is considering two banks for his checking account. Suny Bank requires a minimum deposit of $100 and charges a monthly fee of $8, plus 5 cents a check. Merchants Bank also requires a minimum deposit of $100, it charges a per check fee of 15 cents but no monthly fee. How many checks would Lorenzo need to write each month to make Suny Bank cheaper to use than Merchants?
A) over 50
B) over 60
C) over 70
D) over 80

Question

Quizplus · Accepted Answer

To find the number of checks that make Suny Bank cheaper, we set up an inequality where the cost of Suny Bank is less than the cost of Merchants Bank. Suny Bank costs $8 plus $0.05 per check, and Merchants Bank costs $0.15 per check. Let x be the number of checks. The inequality is $8 + $0.05x < $0.15x. Solving for x gives $8 < $0.10x, or x > 80. Therefore, Lorenzo needs to write over 80 checks for Suny Bank to be cheaper.

Lorenzo Is Considering Two Banks for His Checking Account