Question

fee structures and services at four banks sunshine regional bank monthly maintenance fee: $10, waived with a minimum daily balance of $1,000 atm fee: $2 for out - of - network atms; no fee for in - network atms overdraft fee: $30 per occurrence minimum balance fee: $0 wire transfer fee: $20 for domestic, $30 for international savings account interest rate: 0.2% annual percentage yield (apy) special feature: offers a free safe deposit box for accounts with balances over $2,000 a sunshine regional bank customer makes two domestic wire transfers, maintains a daily balance of $500, and uses an out - of - network atm four times. what is their total fee for the month? $18 $38 $58 $28

Explanation:

Step1: Calculate monthly maintenance fee

The minimum daily - balance requirement for waiving the monthly maintenance fee is $1,000. The customer's balance is $500, so the monthly maintenance fee is $10.

Step2: Calculate wire - transfer fees

The customer makes two domestic wire transfers. The fee for domestic wire transfers is $20 each, so the total wire - transfer fee is $20×2 = $40.

Step3: Calculate ATM fees

The customer uses an out - of - network ATM four times. The fee for out - of - network ATMs is $2 per use, so the total ATM fee is $2×4=$8.

Step4: Calculate total fees

Add up the monthly maintenance fee, wire - transfer fees, and ATM fees. Total fee=$10 + $40+ $8=$58.

Answer:

$58