Welcome to Westonci.ca, where curiosity meets expertise. Ask any question and receive fast, accurate answers from our knowledgeable community. Our Q&A platform provides quick and trustworthy answers to your questions from experienced professionals in different areas of expertise. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

Nathan has [tex]$\$[/tex]300[tex]$ to open a checking account. He wants an account with the lowest fees. He plans on using the ATM machine, and his employer offers direct deposit.

Bank Account Terms and Conditions
\begin{tabular}{|c|c|c|c|c|c|}
\hline
& \begin{tabular}{l}
Min \\
Balance
\end{tabular} & Interest & \begin{tabular}{l}
Overdraft \\
Protection
\end{tabular} & ATM Fees & Monthly Fee \\
\hline
$[/tex]\bar{A}[tex]$ & $[/tex]\[tex]$500$[/tex] & [tex]$0.1\%$[/tex] & yes & \begin{tabular}{l}
[tex]$\$[/tex]0[tex]$ for all \\
ATMs
\end{tabular} & $[/tex]\[tex]$0$[/tex] \\
\hline
B & [tex]$\$[/tex]250[tex]$ & $[/tex]0\%[tex]$ & no & \begin{tabular}{l}
$[/tex]\[tex]$0$[/tex] for ABC \\
bank ATMs
\end{tabular} & [tex]$\$[/tex]5[tex]$ \\
\hline
C & $[/tex]\[tex]$50$[/tex] & [tex]$0\%$[/tex] & no & \begin{tabular}{l}
[tex]$\$[/tex]2[tex]$ per \\
transaction
\end{tabular} & \begin{tabular}{l}
$[/tex]\[tex]$10$[/tex] or \\
[tex]$\$[/tex]0[tex]$ with direct \\
deposit
\end{tabular} \\
\hline
D & $[/tex]\[tex]$100$[/tex] & [tex]$0.1\%$[/tex] & no & \begin{tabular}{l}
[tex]$\$[/tex]0[tex]$ per \\
transaction
\end{tabular} & \begin{tabular}{l}
$[/tex]\[tex]$5$[/tex] or [tex]$\$[/tex]0[tex]$ with \\
direct deposit
\end{tabular} \\
\hline
\end{tabular}

Which checking account would be best for Nathan?

A. Account $[/tex]\bar{A}$
B. Account B
C. Account C
D. Account D


Sagot :

Let's analyze each bank account option for Nathan.

### Account A:
- Minimum Balance: \[tex]$500 - Interest: 0.1% - Overdraft Protection: Yes - ATM Fees: \$[/tex]0 for all ATMs
- Monthly Fee: \[tex]$0 Analysis: Nathan has \$[/tex]300, which is below the minimum balance requirement of \[tex]$500. Hence, Nathan won't be able to open this account. ### Account B: - Minimum Balance: \$[/tex]250
- Interest: 0%
- Overdraft Protection: No
- ATM Fees: \[tex]$0 for ABC bank ATMs - Monthly Fee: \$[/tex]5

Analysis: Nathan can meet the minimum balance requirement, but he will incur a \[tex]$5 monthly fee. However, there are no ATM fees if he uses ABC bank ATMs. ### Account C: - Minimum Balance: \$[/tex]50
- Interest: 0%
- Overdraft Protection: No
- ATM Fees: \[tex]$2 per transaction - Monthly Fee: \$[/tex]10, or \[tex]$0 with direct deposit Analysis: Nathan can meet the minimum balance requirement. If he uses direct deposit (which his employer offers), the monthly fee will be \$[/tex]0. However, there will be a \[tex]$2 per transaction fee for using ATMs. ### Account D: - Minimum Balance: \$[/tex]100
- Interest: 0.1%
- Overdraft Protection: No
- ATM Fees: \[tex]$0 per transaction - Monthly Fee: \$[/tex]5, or \[tex]$0 with direct deposit Analysis: Nathan can meet the minimum balance requirement. If he uses direct deposit (which his employer offers), the monthly fee will be \$[/tex]0. Additionally, there are no ATM fees.

### Conclusion
Given Nathan's circumstances:
- He has \[tex]$300 to open the account. - He plans on using the ATM machine. - His employer offers direct deposit. Account D appears to be the best option for Nathan. It offers: - No monthly fee with direct deposit. - No ATM transaction fees. - A manageable minimum balance requirement of \$[/tex]100.

Therefore, Account D is the best choice for Nathan.