anonymous
  • anonymous
If a person has ATM fees each month of $18 for 8 years, what would be the total cost of those bank fees
Finance
katieb
  • katieb
See more answers at brainly.com
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get this expert

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this
and thousands of other questions

anonymous
  • anonymous
The simple answer to your question is: ($18.00*12)*8=$1,728.00. But lets have some fun with the funds instead of giving it to the bank for the privilege of withdrawing your own money. You could create an annuity with the $18.00/month by depositing your money every month into a savings account. With the crappy savings account interest rates currently, you would typically gain interest at .05% annually. Using the Future value of an annuity calculation: FVAn= PMT*((1+i)^n-1)/i. Where PMT=monthly payment of $18.00, i=annual interest rate divided by the number of months in the year(.0005/12=.00004167), n= number of payment periods in annuity(12months*8years=96)= $1731.42 is the total for the eight years. This includes the principal payment of $1728.00 plus $3.00 in interest! I know this does not sound like a lot of money but this is also a rough time in our economy for simple risk free investing.

Looking for something else?

Not the answer you are looking for? Search for more explanations.