Terrell has $⁢300 to open a checking account. He plans to use the ATM four times per month at his local branch. He does not overdraft his account. Bank Account Terms and Conditions A B C D Minimum Balance 500 dollars 250 dollars 300 dollars 100 dollars Interest 0 point 2 percent 0 percent 0 point 0 2 percent 0 percent Overdraft Fees 0 dollars if linked with savings account or 40 dollars per overdraft 35 dollars per overdraft 25 dollars per overdraft 25 dollars per overdraft ATM Usage/Fees 0 dollars for all ATMs 0 dollars for ABC bank ATMs 3 dollars for non-ABC bank ATMs 4 dollars per transaction 3 dollars per transaction Monthly Fee 10 dollars or 0 dollars with direct deposit 0 dollars 0 dollars 0 dollars Annual Fee 0 dollars 10 dollars 0 dollars 12 dollars Which checking account would be best for Terrell?
Answer
A
Account D
B
Account C
C
Account B
D
Account A
Explanation
Account B is the best fit: Terrell’s $300 meets its $250 minimum, and using the local ABC Bank ATM avoids fees. He would pay only the $10 annual fee. Account C would charge $4 for each of four monthly ATM withdrawals, and Account D would charge $3 per withdrawal plus a $12 annual fee. Account A requires a $500 minimum, which Terrell does not have.
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Question

Terrell has $⁢300 to open a checking account. He plans to use the ATM four times per month at his local branch. He does not overdraft his account. Bank Account Terms and Conditions A B C D Minimum Balance 500 dollars 250 dollars 300 dollars 100 dollars Interest 0 point 2 percent 0 percent 0 point 0 2 percent 0 percent Overdraft Fees 0 dollars if linked with savings account or 40 dollars per overdraft 35 dollars per overdraft 25 dollars per overdraft 25 dollars per overdraft ATM Usage/Fees 0 dollars for all ATMs 0 dollars for ABC bank ATMs 3 dollars for non-ABC bank ATMs 4 dollars per transaction 3 dollars per transaction Monthly Fee 10 dollars or 0 dollars with direct deposit 0 dollars 0 dollars 0 dollars Annual Fee 0 dollars 10 dollars 0 dollars 12 dollars Which checking account would be best for Terrell?

Answer

A

Account D

B

Account C

C

Account B

D

Account A

Explanation

Account B is the best fit: Terrell’s $300 meets its $250 minimum, and using the local ABC Bank ATM avoids fees. He would pay only the $10 annual fee. Account C would charge $4 for each of four monthly ATM withdrawals, and Account D would charge $3 per withdrawal plus a $12 annual fee. Account A requires a $500 minimum, which Terrell does not have.

AI-written and checked against the verified answer.

Revolt · Accepted Answer

Account B

Understanding Checking and Debit Accounts — Quiz

Explanation

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