(Fees versus compensating balances) First Bank ofNew Orleans has the schedule of

(Fees versus compensating balances) First Bank ofNew Orleans has the schedule of servicecharges given here.Your monthly usage of the services is also given.a. What is your total service charge for the month?b. The bank gives you earnings credits equal to the earnings creditrate times your availablebalance. If the earnings credit rate is 3.6% (0.3% per month) andyour available balance is $300000 how much in earnings creditsdid you accumulate during themonth?c. The bank will invoice you for the difference between servicecharges and earnings creditsif the earnings credits are insufficient to cover the servicecharges. Excess earningscredits are lost. How much do you owe the bank?d. What available balance is necessary to exactly cover yourservice charges for the month?SERVICE DEPOSITS CHECKS CLEARED WIRE TRANSFERS ACCOUNT MAINTENANCEACH TRANSACTIONS CONSULTINGPer Item $0.50 0.15 15.00 25.00 0.05 200.00Number 400 3000 10 6 1000 0.5