Question

Checking account A charges a monthly service fee of $23 and a wire transfer fee of $7.50, while checking account B charges a monthly service fee of $14 and a wire transfer fee of $9.50. Which checking account is the better deal if four wire transfers are made per month?

Answer 1

Monthly fee of account A = $23
Fee per one wire transfer = $7.50
Fee per four wite transfers = 4*7.50 = $30
Total fee for account A per month = 23+30
= $53

Monthly fee of account B = $14
Fee per one wire transfer = $9.40
Fee for four wire transfers = 4*9.50 = $38
Total fee for account B per month = 14+38
= $52

So, account B would be a good deal for four wire transfers per month.

Answer 2

Checking account  B
9.50 x 4 = 38