Question

1)to determine the best bank for​ Julie.)Selecting a Bank.  Julie wants to open a bank account with ​$94 Julie estimates that she will write 19

checks per month and use her ATM card at the home bank. She will maintain a monthly balance of​ $600. Which bank should Julie​ choose?

​(Hint​: Use the​ table, to determine the best bank for​ Julie.)

	Hillsboro Bank	First National	South Trust Bank	Sun Coast Bank
ATM​ charges:
Home bank	Free	Free	Free	Free
Other bank	5 ​free, then ​$0.87 per use	​$1.12 per use	​$1.12 per use	​$1.12 per use
​Checking:
Minimum deposit	​$100	​$33	​$1	​$1
Minimum balance required to avoid​ fees*	​N/A	​N/A	​$500	​N/A
Monthly fees	​$6.22	​$7.25	​$11.40	​$2.59
​Check-writing charges	10 ​free, then ​$0.82 per check	5 ​free, then ​$0.82 per check	Unlimited	Each check ​$0.41
​* N/A means monthly fees apply irrespective of account balances. 2)Adjusted Bank Balance.  ​Mary's last bank statement showed an ending balance of ​$169.46 This​ month, she deposited $ 650.26 in her account and withdrew a total of ​$240.81 Furthermore, Mary wrote a total of five​ checks, two of which have cleared. The two checks that have cleared total ​$144.01 The three remaining checks total $111.33 Mary pays no fees at her bank. What is the balance shown this month on​ Mary's bank​ statement? What is the adjusted bank​ balance? a)The balance shown this month on​ Mary's bank statement is $ b)The adjusted bank balance is $.

Answer 1

1. Selecting the bank for Julie:

Particulars	Hillsboro Bank	First Bank	South Trust Bank	Sun Coast Bank	Selection
Check (19)	7.38	11.48	0	7.79	South Trust Bank
ATM (Home Bank)	0	0	0	0	Any Bank
Monthly Balance	6.22	7.25	0	2.59	South Trust Bank

It is better for Julie to select South Trust Bank as her bank as the charges are minimal at this bank as compared to other banks.

2. Balance shown at Mary's Bank= 169.46+650.26-240.81-144.01= $434.90

The adjusted bank balance is $323.57