Question

Suppose your bank charges a $7 monthly fee and $0.11 per check. If you write 62 checks in a year, how much money in fees would you expect to pay for the year? Type out acalculations and make sure your final answer is clear.

Answer 1

The cost has a monthly fee and a per check fee.

We can write the bank fee as:

`C(m,c)=7m+0.11c`

m: months, c: number of checks.

If, in a year (m=12 months), you write 62 checks (c=62), the total fee is:

`C(12,62)=7\cdot12+0.11\cdot62=84+6.82=90.82`

You expect to pay a yearly fee of $90.82.