00:02
Okay, so in this problem, we're picking out which bank we should choose.
00:06
So we're looking for the bank with the lowest fees per year.
00:11
All right.
00:12
So let's start with bank one.
00:14
Bank one says $17 a month with a $1 ,000 minimum daily balance, or $25 with under $1 ,000 daily minimum balance.
00:32
So our minimum daily balance is going to be under $1 ,000 for six months and over $1 ,000 for six months.
00:44
So i did six months times the 17, and then six months times the 25.
00:58
So the $25 is for the first six months.
01:01
The $17 is for the second six months.
01:08
And i'm going to multiply those out.
01:14
That's what you get.
01:17
And so we add them together and bank one is $252 in fees per year.
01:34
Now let's try bank two.
01:36
Bank two is $4 .50 plus 30 cents per check over 10 checks monthly.
01:50
So it said in our problem we were writing 30 checks per month, so that would be 30 cents times our 20 extra checks plus $1 for each of our debits.
02:17
And it says we're going to have three, so one times three...