Question

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: 0.5% annual percentage yield (apy)
special feature: offers a free safe deposit box for accounts with balances over $2,000
pioneer digital bank
monthly maintenance fee: $0
atm fee: $0 for in - network atms; $1 for out - of - network atms
overdraft fee: $20 per occurrence, with optional overdraft protection
minimum balance fee: $0
wire transfer fee: $10 for domestic, $20 for international
savings account interest rate: 1.2% annual percentage yield (apy)
special feature: provides advanced digital banking tools, including budgeting and investment advice
a sunshine regional bank customer maintains a daily balance of $500, and makes two domestic wire transfers, and uses an out - of - network atm four times. what is their total fee for the month?
$38
$58
$48
$28

Explanation:

Step1: Check monthly maintenance fee

Since the customer maintains a daily balance of $500, the monthly maintenance fee of $10 is waived.

Step2: Calculate wire - transfer fees

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

Step3: Calculate ATM fees

The customer uses an out - of - network ATM 4 times. Each out - of - network ATM transaction costs $2, so the total ATM fee is $2×4=$8.

Step4: Calculate total fee

The total fee is the sum of wire - transfer fees and ATM fees, which is $40 + $8=$48.

Answer:

$48