Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 2 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 14 Aug 2017 My Price 5.00

bIf Scotts average

Scott is choosing between two checking account options. At Bank A, Scott will pay a $5 monthly maintenance fee and will earn 0.5% interest on his average monthly balance. At Bank Z, Scott is not charged a monthly fee and earns interest at the rate of 0.25% a month on his average monthly balance. [The amount to be credited or subtracted for the month is determined by first calculating the interest to be paid, then subtracting all bank fees or charges from this amount]. Based on the information provided, which of the following is true? aIf Scotts average monthly balance is $2,500 he will make more money if he chooses Bank Z. bIf Scotts average monthly balance is $2,000, his account will be credited $5 regardless of which bank he chooses. cAs long as his monthly balance stays at or above $1,000 Scott will always make more money if he uses Bank A. dIf Scotts average monthly balance is $200, he is paying the equivalent of 4% of his balance in maintenance charges, with Bank A.

Answers

(5)
Status NEW Posted 14 Aug 2017 01:08 AM My Price 5.00

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