7) the table shows the monthly fees for the checking accounts at two banks.
Fargo bank does 3% of checking accounts balance.
Citizens bank does 6$
A. The fee at Bank Fargo will always be more than the fee at bank Citizens.
B. The fee at Bank Fargo will always be less than the fee at bank Citizens.
C. The fee at Bank Fargo will be more than the fee at Bank Citizens only when the checking account balance is less than $200.
D. The fee at Bank Fargo will be less than the fee at Bank Citizens only when a customer's balance is more than $200.
C. The fee at Bank Fargo will be more than the fee at Bank Citizens only when the checking account balance is less than $200.
To determine which statement is correct, let's analyze the given information:
- Fargo bank charges 3% of the checking account balance as a monthly fee.
- Citizens bank charges a flat fee of $6 as a monthly fee.
Now let's break down each statement:
A. The fee at Bank Fargo will always be more than the fee at Bank Citizens.
This statement is not necessarily true since it depends on the checking account balance. If the checking account balance is less than $200, the fee at Bank Fargo will be less than $6, making this statement incorrect.
B. The fee at Bank Fargo will always be less than the fee at Bank Citizens.
This statement is also not necessarily true since it depends on the checking account balance. If the checking account balance is more than $200, the fee at Bank Fargo will be higher than $6, making this statement incorrect.
C. The fee at Bank Fargo will be more than the fee at Bank Citizens only when the checking account balance is less than $200.
This statement is correct. As mentioned earlier, if the checking account balance is less than $200, the fee at Fargo bank (3% of balance) will be lower than the flat fee of $6 at Citizens bank.
D. The fee at Bank Fargo will be less than the fee at Bank Citizens only when a customer's balance is more than $200.
This statement is also correct. If the checking account balance is more than $200, the fee at Fargo bank (3% of balance) will be higher than the flat fee of $6 at Citizens bank.
In conclusion, the correct statements are C and D.