The total cost of those banking fees for the 7 years would be $1,344
Bank fee are fees paid to the financial institution one opened the account with, simply to keep it open and running and covers a certain number of transactions per month. Banks charge bank fees to pay salaries and other overheads, and physical branches.
With regards to the above,
Total cost
= Cost per month × 12 months per year × Number of years
= $16 × 12 × 7
= $1,344
Hence, the total cost of those banking fees for the 7 years would be $1,344
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