SOLUTION: Hello! I have used this site Before and it was incredibly useful therefore I was wondering if I can get help for one more question: Darius saved $500 and wants to open a chequin

Question 1124619: Hello! I have used this site Before and it was incredibly useful therefore I was wondering if I can get help for one more question:
Darius saved $500 and wants to open a chequing account. Ontario Trust charges $8 per month, plus $0.50 per cheque. Maple Leaf Savings charges $6 oer month, plus 0.75 per cheque. Which bank offers the lower monthly charge?
It would be great if I can get some help with this, I dont know if the $500 has meaning or if it�s just there to throw you off. Thank you for your time!
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
It depends upon the number of checks.
The charges are equal at some point when the two
$8+$0.50x=$6+$0.75x, x the number of checks written that month
$2=$0.25x
x=8 checks.
Fewer than 8 checks, and Maple Leaf Savings is cheaper
Greater than 8 checks, and Ontario Trust is cheaper.

The $500 is irrelevant, at least to this question.

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