Brad Kellogg maintains a monthly balance in his chequing account of approximately $150, writes about 25 cheques a month, and makes three deposits each month. How would Brad decide which of the following chequing accounts to use?
I. a regular chequing account with a monthly fee of $4.50 for an unlimited number of cheques and no monthly balance required; no interest earned
II. an interest-bearing chequing account paying 4 percent interest on balances over $300; monthly service charge of $6 when the balance is below $300
III. a special chequing account that charges 35 cents a cheque and 20 cents for each deposit; no interest earned
IV. a minimum-balance account that requires a $200 minimum balance to avoid the $10 monthly fee; interest earned when balance is above $400.

Question

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The Answer of Brad Kellogg maintains a monthly balance in his chequing account of approximately $150, writes about 25 cheques a month, and makes three deposits each month. How would Brad decide which of the following chequing accounts to use?
I. a regular chequing account with a monthly fee of $4.50 for an unlimited number of cheques and no monthly balance required; no interest earned
II. an interest-bearing chequing account paying 4 percent interest on balances over $300; monthly service charge of $6 when the balance is below $300
III. a special chequing account that charges 35 cents a cheque and 20 cents for each deposit; no interest earned
IV. a minimum-balance account that requires a $200 minimum balance to avoid the $10 monthly fee; interest earned when balance is above $400.

Brad Kellogg Maintains a Monthly Balance in His Chequing Account