meira has a checking account with a bank that charges a $10 monthly fee. the bank waives the fee if her…

meira has a checking account with a bank that charges a $10 monthly fee. the bank waives the fee if her balance stays above $500 for the entire month. if her balance drops below $500 any time during the month, then she is charged the $10 fee. the bank does not charge atm fees for using its own atms, but they do charge $4 for using out - of - network atms. they also charge a $15 fee for each overdraft. an overview of meiras banking activity for one month is shown. week 1: meiras balance is $700. she makes one withdrawal for $100 at an out - of - network atm. week 2: meira withdraws $200 from her banks atm. week 3: meiras employer deposits $940 into her checking account. week 4: meira withdraws $40 from an out - of - network atm and pays bills totaling $150. what were meiras total fees for the month? $18 $22 $10 $8

meira has a checking account with a bank that charges a $10 monthly fee. the bank waives the fee if her balance stays above $500 for the entire month. if her balance drops below $500 any time during the month, then she is charged the $10 fee. the bank does not charge atm fees for using its own atms, but they do charge $4 for using out - of - network atms. they also charge a $15 fee for each overdraft. an overview of meiras banking activity for one month is shown. week 1: meiras balance is $700. she makes one withdrawal for $100 at an out - of - network atm. week 2: meira withdraws $200 from her banks atm. week 3: meiras employer deposits $940 into her checking account. week 4: meira withdraws $40 from an out - of - network atm and pays bills totaling $150. what were meiras total fees for the month? $18 $22 $10 $8

Answer

Explanation:

Step1: Calculate final balance

Initial balance is $700. Withdrawals are $100 (week 1 out - of - network) + $200 (week 2 in - network) + $40 (week 4 out - of - network) = $340. Deposits are $940. So final balance is $700 - 340+940 = $1300. Since $1300>500, the $10 monthly fee is waived.

Step2: Calculate out - of - network ATM fees

Meira uses out - of - network ATMs twice. One withdrawal of $100 in week 1 and $40 in week 4. Fee for each out - of - network ATM use is $4. So out - of - network ATM fees are $4×2 = $8.

Step3: Check for overdraft fees

There is no mention of any overdraft situation, so overdraft fee is $0.

Step4: Total fees

Total fees = out - of - network ATM fees+overdraft fees. Since overdraft fees are $0, total fees are $8.

Answer:

$8