unit 1 quiz: lessons 1 - 4\n1. using the following information about the two banks complete the chart…

unit 1 quiz: lessons 1 - 4\n1. using the following information about the two banks complete the chart below:\n| cibc | | td | |\n|--|--|--|--|\n| up to 12 transactions | $6.95 | up to 25 transactions | $10.95 |\n| extra transactions | $1.25 each | extra transactions | $1.25 each |\n| interac e - transfers | free | interac e - transfers | free |\n| non - cibc atm transactions | $2 each | non - td atm transactions | $2 each |\nscenario: mr. teacher uses his debit card to buy groceries 5 times a month plus 1 costco trip every month. he buys take out every friday (4 times a month), and pays using debit, and usually uses his card 7 other times in a month. he pays 4 bills online every month. he usually e - transfers twice a month.\na) complete the chart below for both banks to determine mr. teachers banking fees.\n| cibc | number | cost | td | number | cost |\n|--|--|--|--|--|--|\n| transactions | 12 | $6.95 | transactions | | |\n| extra transactions | 5 | | extra transactions | | |\n| interac e - transfers | | | interac e - transfers | | |\n| non - cibc atm transactions | | | non - td atm transactions | | |\nb) which bank would be best for mr. teacher? why?\n2. there are typically 6 services banks provide. can you name 4 services banks provide?

unit 1 quiz: lessons 1 - 4\n1. using the following information about the two banks complete the chart below:\n| cibc | | td | |\n|--|--|--|--|\n| up to 12 transactions | $6.95 | up to 25 transactions | $10.95 |\n| extra transactions | $1.25 each | extra transactions | $1.25 each |\n| interac e - transfers | free | interac e - transfers | free |\n| non - cibc atm transactions | $2 each | non - td atm transactions | $2 each |\nscenario: mr. teacher uses his debit card to buy groceries 5 times a month plus 1 costco trip every month. he buys take out every friday (4 times a month), and pays using debit, and usually uses his card 7 other times in a month. he pays 4 bills online every month. he usually e - transfers twice a month.\na) complete the chart below for both banks to determine mr. teachers banking fees.\n| cibc | number | cost | td | number | cost |\n|--|--|--|--|--|--|\n| transactions | 12 | $6.95 | transactions | | |\n| extra transactions | 5 | | extra transactions | | |\n| interac e - transfers | | | interac e - transfers | | |\n| non - cibc atm transactions | | | non - td atm transactions | | |\nb) which bank would be best for mr. teacher? why?\n2. there are typically 6 services banks provide. can you name 4 services banks provide?

Answer

Explanation:

Step1: Calculate total transactions for Mr. Teacher

$5 + 1+4 + 7+4=21$ transactions

Step2: Calculate CIBK fees

Base fee for 12 transactions is $$6.95$. Extra transactions are $21 - 12 = 9$. Cost of extra transactions is $9\times$1.25=$11.25$. Total CIBK cost is $6.95 + 11.25=$18.2$. Interac e - transfers are free (2 times) and no non - CIBK ATM transactions info given so assume 0.

Step3: Calculate TD fees

Base fee for 25 transactions is $$10.95$. Since $21<25$, no extra transaction fees. Interac e - transfers are free (2 times) and no non - TD ATM transactions info given so assume 0. Total TD cost is $$10.95$.

Step4: Complete the chart for TD

TD Number Cost
Transactions 21 $$10.95$
Extra Transactions 0 $$0$
Interac e - Transfers 2 $$0$
Non - TD ATM Transactions 0 $$0$

Step5: Answer part b

TD is better for Mr. Teacher as the total banking fee of $$10.95$ at TD is less than the $$18.2$ at CIBK.

Step6: Answer part 2

Four services banks provide: Deposits, Loans, Credit cards, Money transfers.

Answer:

a)

CIBK Number Cost
Transactions 12 $$6.95$
Extra Transactions 9 $$11.25$
Interac e - Transfers 2 $$0$
Non - CIBK ATM Transactions 0 $$0$
TD Number Cost
---- ---- ----
Transactions 21 $$10.95$
Extra Transactions 0 $$0$
Interac e - Transfers 2 $$0$
Non - TD ATM Transactions 0 $$0$
b) TD is best for Mr. Teacher because its total banking fee ($$10.95$) is less than CIBK's ($$18.2$).
  1. Deposits, Loans, Credit cards, Money transfers.