1) You open a checking account

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1) You open a checking account. You are paid 3% interest on the average daily balance, but are charged a $4 monthly charge. Assuming that interest is paid monthly (regardless of the number of days in the month), calculate the average balance you must maintain to offset the $4 monthly charge.

2) You borrow $350 from your aunt and agree to repay her $400 ($350 principal + $50 interest) in 18 months. What interest rate (usi ng simple interest, and to the nearest tenth) are you paying?