Question

community trust bank
monthly maintenance fee: $5 (waived with a minimum daily balance
of $500 or with a student id)
atm fee: $1.50 for out - of - network atms; no fee for in - network atms
overdraft fee: $25 per occurrence
minimum balance fee: $0
wire transfer fee: $15 for domestic, $25 for international
savings account interest rate: 0.3% annual percentage yield(apy)
special feature: offers financial education workshops for account
holders
global exchange bank
monthly maintenance fee: $15 waived with a minimum daily balance
of $2,000 with monthly direct deposits of $1,000
atm fee: $0 for in - network and international atms; $3 out - of - network
domestic atms
overdraft fee: $35 per occurrence
minimum balance fee: $10 if the balance falls below $500
wire transfer fee: free for domestic, $20 for international
a student opens an account with community trust bank and maintains a
balance of $300. he uses an out - of - network atm twice during the month,
and uses an in - network atm three times during the same month.
what are his total fees for the month?

Explanation:

Step1: Determine Monthly Maintenance Fee

The monthly maintenance fee is $5, but it's waived with a minimum daily balance of $500. The student's balance is $300 < $500, so the monthly maintenance fee applies.

Step2: Determine ATM Fees

For in - network ATMs: There's no fee for in - network ATMs. The student uses in - network ATMs 3 times, so $0 for in - network.
For out - of - network ATMs: The fee is $1.50 per out - of - network ATM use. The student uses out - of - network ATMs 2 times. So the fee is \(1.50\times2=\$3\)

Step3: Sum up the Fees

The total fees are the sum of the monthly maintenance fee and the out - of - network ATM fees. So \(5 + 3=\$8\)

Answer:

\(8\)