Question

Joey has a checking account that charges him $3 per month and gives him up to eight free checks or ATM withdrawals every month. He then has to pay $1 for every additional check that he writes or ATM withdrawal he makes for the rest of the month. If he writes 9 checks per month and uses the ATM machine 4 times per month, what does his checking account cost per year?

Answer 1

The checking account cost per year for Joey is $96

Calculation and Parameters:

Given:

$3 charge for ATM withdrawals

8 free checks per month

Extra $1 for additional checks

9 checks per month

4 times a month

For ATM withdrawals

$1* 4= $4 per month

Per year, ATM withdrawals;

$4 * 12 months = $48

For Checking account per year

$3 x 12

= $36

For checks per year

1 x 12

= $12

Hence, the total would be

48 + 12 + 36 =

$96

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