What would be the net annual cost of the following checking accounts?
(a) Monthly fee, $2.40; processing fee, $0.20 cents per check; checks written, an average of 25 a month. (Do not round intermediate
calculations. Input the answer as a positive value. Round your answer to 2 decimal places.)
Net annual cost
(b) Interest earnings of 5 percent with a $500 minimum balance; average monthly balance, $600; monthly service charge of $18 for
falling below the minimum balance, which occurs three times a year (no interest earned in these months). (Do not round intermediate
calculations. Input the answer as a positive value. Round your answer to 2 decimal places.)
Net annual cost