Answered

The checking account fees for Banks [tex]\(A, B, C,\)[/tex] and [tex]\(D\)[/tex] are shown in the table below.

\begin{tabular}{|l|l|l|}
\hline
& Monthly Service Fee & Per-Check Fee \\
\hline
Bank A & \[tex]$7.50 & \$[/tex]0.25 \\
\hline
Bank B & None & \[tex]$0.50 \\
\hline
Bank C & \$[/tex]12.50 & None \\
\hline
Bank D & \[tex]$10.00 & \$[/tex]0.10 \\
\hline
\end{tabular}

If a customer writes 26 checks per month, which bank will charge him the least in fees?

A. Bank D
B. Bank B
C. Bank A
D. Bank C



Answer :

GinnyAnswer
To determine which bank charges the least in fees given that a customer writes 26 checks per month, we need to calculate the total monthly fees for each bank.

1. Bank A:
- Monthly Service Fee: \[tex]$7.50 - Per-Check Fee: \$[/tex]0.25
- Total Checks: 26

The total monthly fee for Bank A is calculated as follows:
[tex]\[ \text{Total Fee for Bank A} = 7.50 + (26 \times 0.25) = 7.50 + 6.50 = 14.00 \][/tex]

2. Bank B:
- Monthly Service Fee: None (\[tex]$0.00) - Per-Check Fee: \$[/tex]0.50
- Total Checks: 26

The total monthly fee for Bank B is calculated as follows:
[tex]\[ \text{Total Fee for Bank B} = 0 + (26 \times 0.50) = 0 + 13.00 = 13.00 \][/tex]

3. Bank C:
- Monthly Service Fee: \[tex]$12.50 - Per-Check Fee: None (\$[/tex]0.00)
- Total Checks: 26

The total monthly fee for Bank C is calculated as follows:
[tex]\[ \text{Total Fee for Bank C} = 12.50 + (26 \times 0) = 12.50 + 0 = 12.50 \][/tex]

4. Bank D:
- Monthly Service Fee: \[tex]$10.00 - Per-Check Fee: \$[/tex]0.10
- Total Checks: 26

The total monthly fee for Bank D is calculated as follows:
[tex]\[ \text{Total Fee for Bank D} = 10.00 + (26 \times 0.10) = 10.00 + 2.60 = 12.60 \][/tex]

Now, we compare the total monthly fees for each bank:
- Bank A: \[tex]$14.00 - Bank B: \$[/tex]13.00
- Bank C: \[tex]$12.50 - Bank D: \$[/tex]12.60

The bank that charges the least in fees is Bank C with a total monthly fee of \$12.50.

Thus, the correct answer is:
D. Bank C

Other Questions