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Some checking accounts pay a small amount of interest on the money in the account....

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Basic Math

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Some checking accounts pay a small amount of interest on the money in the account. In this case, interest is money that is paid to the account holder by the financial institution issuing the checking account. The interest is a percentage of the amount of money in the account. The percentage is called the annual percentage rate. Heather has $1,000 to deposit in an account for 1 year. Compare the following two offers.(A) Bank of Avalon pays 0.7% with no annual fee.(B) Cypress Savings pays 1.3% but charges a $10 annual fee.Which is the better offer?

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