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27 March, 12:36

What would be the net annual cost of the following checking accounts? (a) Monthly fee, $3.25; processing fee, $0.35 cents per check; checks written, an average of 20 a month. (Do not round intermediate calculations. Input the answer as a positive value. Round your answer to 2 decimal places.)

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  1. 27 March, 12:59
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    Total annual cost = $123

    Explanation:

    Giving the following information we need to calculate the annual cost:

    Fixed monthly cost = $3.25

    Variable cost = $0.35 per check

    Q=20 month

    Total annual cost = Fixed monthly cost*12 + (Variable cost*20) * 12

    Total annual cost = (3,25*12) + (0,35*20) * 12 = $123
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