32
QuizMultiple Choice

N/A — Exam

Question 32 • Personal Finance

Nathan has 300 dollars to open a checking account. He wants an account with the lowest fees. He plans on using the ATM machine, and his employer offers direct deposit. Bank Account Terms and Conditions Minimum Balance Interest Overdraft Protection ATM Fees Monthly Fee A 500 dollars 0 point 1 percent Yes 0 dollars for all ATMs 0 dollars B 250 dollars 0 percent no 0 dollars for ABC bank ATMs 5 dollars C 50 dollars 0 percent no 2 dollars per transaction 10 dollars or 0 dollars with direct deposit D 100 dollars 0 point 1 percent no 0 dollars per transaction 5 dollars or 0 dollars with direct deposit Which checking account would be best for Nathan?

Answer
A
Account B
B
Account D
C
Account A
D
Account C

Explanation

Nathan’s $300 meets Account D’s $100 minimum balance. With direct deposit, its monthly fee is waived, and ATM transactions cost $0. Account C also waives its monthly fee with direct deposit but charges $2 per ATM transaction, while Account B charges $5 monthly. Account D is the best choice: Account D (choice B).

AI-written and checked against the verified answer.

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