community trust bank\nmonthly maintenance fee: $5 (waived with a minimum daily balance of $500 or with a…

community trust bank\nmonthly maintenance fee: $5 (waived with a minimum daily balance of $500 or with a student id)\natm fee: $1.50 for out - of - network atms; no fee for in - network atms\noverdraft fee: $25 per occurrence\nminimum balance fee: $0\nwire transfer fee: $15 for domestic, $25 for international\nsavings account interest rate: 0.3% annual percentage yield (apy)\nspecial feature: offers financial education workshops for account holders\nglobal exchange bank\nmonthly maintenance fee: $15 waived with a minimum daily balance of $1,000\natm fee: $0 for in - network and international atms, $3 out - of - network\noverdraft fee: $25 per occurrence\nminimum balance fee: $0\nwire transfer fee: $15 for domestic, $25 for international\nsavings account interest rate: 0.3% annual percentage yield (apy)\nspecial feature: offers financial education workshops for account holders\na student opens an account with community trust bank and maintains a balance of $300. he uses an out - of - network atm twice during the month, and uses an in - network atm three times during the same month. what are his total fees for the month?\n$8\n$9\n$3\n$5

community trust bank\nmonthly maintenance fee: $5 (waived with a minimum daily balance of $500 or with a student id)\natm fee: $1.50 for out - of - network atms; no fee for in - network atms\noverdraft fee: $25 per occurrence\nminimum balance fee: $0\nwire transfer fee: $15 for domestic, $25 for international\nsavings account interest rate: 0.3% annual percentage yield (apy)\nspecial feature: offers financial education workshops for account holders\nglobal exchange bank\nmonthly maintenance fee: $15 waived with a minimum daily balance of $1,000\natm fee: $0 for in - network and international atms, $3 out - of - network\noverdraft fee: $25 per occurrence\nminimum balance fee: $0\nwire transfer fee: $15 for domestic, $25 for international\nsavings account interest rate: 0.3% annual percentage yield (apy)\nspecial feature: offers financial education workshops for account holders\na student opens an account with community trust bank and maintains a balance of $300. he uses an out - of - network atm twice during the month, and uses an in - network atm three times during the same month. what are his total fees for the month?\n$8\n$9\n$3\n$5

Answer

Explanation:

Step1: Determine monthly maintenance fee

The student has a balance of $300. Since the monthly - maintenance fee of $5 is waived with a minimum daily balance of $500 and the student's balance is below $500, the student has to pay the $5 monthly maintenance fee.

Step2: Determine in - network ATM fees

For in - network ATMs, there is no fee. The student uses in - network ATMs 3 times, so the in - network ATM fee is $0.

Step3: Determine out - of - network ATM fees

The out - of - network ATM fee is $1.50 per transaction. The student uses out - of - network ATMs 2 times, so the out - of - network ATM fee is $1.50×2 = $3.

Step4: Calculate total fees

The total fees are the sum of the monthly maintenance fee and the out - of - network ATM fees. So, the total fees = $5 (monthly maintenance) + $3 (out - of - network ATM)=$8.

Answer:

$8