QuestionAugust 3, 2025

A financial institution offered you free checking accounts if you keep at least a 1,000 balance in your account.If your balance falls below 1,000 there's a 7.50 monthly fee and a 0.25 charge per check written. If your balance is below 1,000 this month and you've written five checks, what will the bank charge you for the month? 7.50 6.25 1.25 8.75

A financial institution offered you free checking accounts if you keep at least a 1,000 balance in your account.If your balance falls below 1,000 there's a 7.50 monthly fee and a 0.25 charge per check written. If your balance is below 1,000 this month and you've written five checks, what will the bank charge you for the month? 7.50 6.25 1.25 8.75
A financial institution offered you free checking accounts if you keep at least a 1,000 balance in your account.If your balance falls below 1,000 there's a 7.50 monthly fee and a 0.25 charge per check written. If your balance is below 1,000 this month and you've written five checks, what will the bank charge you for the month? 7.50 6.25 1.25 8.75

Solution
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Answer

\8.75 Explanation 1. Calculate the monthly fee The monthly fee for a balance below 1,000 is \7.50. 2. Calculate the charge per check Charge per check is 0.25. For 5 checks, the total charge is 5 \times 0.25 = \1.25. 3. Sum the charges Total charge is 7.50 + 1.25 = \8.75.

Explanation

1. Calculate the monthly fee<br /> The monthly fee for a balance below $1,000 is \$7.50$.<br /><br />2. Calculate the charge per check<br /> Charge per check is $0.25$. For 5 checks, the total charge is $5 \times 0.25 = \$1.25$.<br /><br />3. Sum the charges<br /> Total charge is $7.50 + 1.25 = \$8.75$.
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