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What type of checking account requires a higher balance and has a higher interest rate?
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What is the annual opportunity cost of a checking account that requires a 500 minimum balance to avoid service charges. Assume an interest rate of 3 percent?
15.00
What is the annual opportunity cost of a checking account with a 6.5 percent interest rate that requires a 350.00 minimum balance to avoid service charges?
$350 * 6.5% = $22.75
What would be the annual opportunity cost of a checking account that requires a 500 minimum balance to avoid service charges Assuming a rate of 3 percent?
The opportunity cost would be the potential missed income from placing the money in an interest bearing account. $500 times .03 = $15.
What if Jennifer deposited 10000 in an account that earns compound interest. The annual interest rate is 8 and the interest is compounded 2 times a year. The current balance in the account is 10?
No. If the account is earning interest the current amount should be greater than the initial deposit.
You deposit 700 in an account that pays 8 percent interest compounded yearlyfind the balance after 13 years?
You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.
What amount of money in a checking or a savings account upon which interest is based?
The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.
What is a type of checking account that also earns interest these accounts generally have a minimum balance?
A type of checking account that also earns interest is called an interest-bearing checking account. These accounts typically require a minimum balance to be maintained in order to earn interest.
Which type of checking account pays interest on the mean balance of the account during a particular cycle?
Average Balance account
Does Chase bank have free checking accounts?
Chase Bank does have free checking as long as you have a minimum balance of 100 dollars. there are also interest bearing checking accounts were if you maintain a balance of at least 1500 dollars your account will receive interest on your checking account.
What is the annual opportunity cost of a checking account that requires a 500 minimum balance to avoid service charges. Assume an interest rate of 3 percent?
15.00
Should interst earned on a checking account be added to the checking account balance?
There is a way to earn interest on a checking accounts and can be added to the account. You will have to back through a credit union.
What is the annual opportunity cost of a checking account with a 6.5 percent interest rate that requires a 350.00 minimum balance to avoid service charges?
$350 * 6.5% = $22.75
What are the benefits of CitiGold Interest Checking?
One of the benefits of CitiGold Interest Checking is that there is no minimum opening balance required. There is also no minimum fee to maintain to avoid a finance charge. One will also draw a .1% interest on the balance of their account.
Which type of checking account requires a certain amount of money to be kept in it at all times in order to avoid fees?
minimum balance account
What type of checking account requires a certain amount of money to be kept in it all time in order to avoid fees?
Minimum Balance account
What is Minimum daily collected balance?
The minimum sum of cash balances daily. Example - if your checking account requires a minimum daily collected balance of $500 to avoid a monthly maintenance fee, you must keep your cash balance in your checking account at or above $500.
Can a corporation have a interest bearing checking account?
A corporation that is a for profit corporation cannot have an interest bearing checking account. However, it can have an earnings credit which is similar to an interest rate. With an earnings credit the interest earned on the Checking account is used to offset monthly fees/ charges on the account, if interested earned using the earnings credit is more than the total amount of fees/ charges it is considered a surplus and does not accrue to the checking account balance. A non profit corporation such as a 501.c.3 Can earn interest on Checking accounts due to the not for profit status.
