Checking Accounts

Checking AccountsSection 3.1Checking AccountsWhat is the difference between a checking account and a savings account?Checking accountLittle to no interest earned on moneyNo limit to the number of transactions

Savings AccountEarn interest (or more interest)Limited number of transactions per monthMinimum balanceChecking AccountsWhy do people have checking account?

What are some ways to access the money in a checking account?Going to the bankBy using an ATMWriting checksUsing a debit cardEFTKey TermsBalanceThe amount of money in the accountDepositMoney going into the accountWithdrawalMoney going out of the accountMaintenance FeeA fee that is charged by the bank to maintain your accountInterestMoney earned by keeping your money in the accountChecking AccountsFinding the balance of a checking account:

Deposits are added into the accountCash depositInterest

Withdrawals are taken out of the accountWriting a checkMaintenance FeesYou currently have a balance of $2,300 in your checking account. You deposit a $425.33 paycheck, a $20 rebate check, and a personal check for $550. You want to receive $200 in cash. How much will be in your account?Checking AccountsYou currently have a checking account of Bank of America. The balance at the beginning of the month was $4,895. During the month, you make deposits totaling $2,578, and wrote checks totaling c dollars. You were charged a maintenance fee of $15, and had an ending balance of $5,973. Find c.Checking AccountsOlivia cashed a check for $113. The teller gave her four twenty-dollar bills, x ten-dollar bills, and three one dollar bills. Find the value of x.ClassworkPage 120, 2-11Checking AccountsSection 3.1Checking AccountsYesterday, we went over:

The difference between a checking account and savings accountDefined key terms of checking accountsCalculated the balance of accounts after transactions

Checking Accounts2) Jackie deposited a $865.98 paycheck, a $623 stock dividend check, a $60 rebate check, and $130 cash into her checking account. Her original balance was $278.91. Assuming the checks clear, how much was in her account after the deposit was made?Checking Accounts3) Rich has t dollars in his checking account. On June 3, he deposited w, h, and v dollars, and cashed a check for k dollars. Write an algebraic expression that represents the amount of money in his account after the transaction.Checking Accounts4) John cashed a check for $630. The teller gave him three fifty-dollar bills, eighteen twenty-dollar bills, and t ten-dollar bills. Determine the value of t.Checking Accounts5) Gary and Ann have a joint checking account. Their balance at the beginning of October was $9,145.87. During the month, they made deposits totaling $2,783.71, wrote checks totaling $4,871.90, paid a maintenance fee of $12, and earned $11.15 in interest on the account. What was the balance at the end of the month?Checking Accounts6) Anna has a checking account at Garden City Bank. Her balance at the beginning of Feb. was $5,195.65. During the month, she made deposits totaling $6,873.22, wrote checks totaling c dollars, was charged a maintenance fee of $15, and earned $6.05 in interest. Her balance at the end of the month was $4,200.00. What is the value of c?Checking Accounts7) Queens Meadow Bank charges a monthly maintenance fee of $13 and a check writing fee of $0.07 per check. Last year, Mark wrote 289 checks from his account at Queens Meadow. What was the total of all fees he paid on that account last year?Checking Accounts8) Joby had $421.56 in her checking account when she deposited g twenty-dollar bills and k quarters. Write an expression that represents the amount of money in her account after the deposit.Checking Accounts9) Neka cashed a check for $245. The teller gave him two fifty-dollar bills, six twenty-dollar bills, and f five-dollar bills . Determine the value of f.Checking Accounts10) Olivia cashed a check for $113. The teller gave her four twenty-dollar bills, x ten-dollar bills, and three one-dollar bills. Find the value of x.Checking Accounts11) Hector had y dollars in his savings account. He made a deposit of twenty-dollar bills and dollar coins. He had four times as many dollar coins as he had twenty-dollar bills and the total of his twenty-dollar bills was $60. Write an expression for the balance in Hectors account after the deposit.Checking AccountsWhat do the following terms mean:

BalanceDepositWithdrawalMaintenance FeeInterestRebate CheckChecking AccountsWhat are the important parts to writing a check?

Return AddressDatePay to the Order ofAmount (words & numbers)MEMO Signature

Checking Accounts

Return AddressChecking Accounts

DateChecking Accounts

Pay to the Order ofChecking Accounts

Amount (in words)Checking Accounts

Amount (in numbers)Checking Accounts

MEMOChecking Accounts

SignatureDescriptionCatalog NumberList PriceQuantityTotalSpeakerRS101$285.002SpeakerRG306$542.002HornsBG42$2252ConsoleLS101$980.001AmplifierNG107$359.004Stand1957-210$45.506Total:12% Discount:Sale Price:6% Sales Tax:Total Cost:Checking AccountsAs a project grade (30% of your total grade), complete number 12 on page 121 of the text book. Your final answer will the table completely filled in, as well as the check correctly filled out.Checking AccountsChecking AccountsChecking AccountsChecking AccountsChecking AccountsChecking AccountsAlgebraic ExpressionsWe are going to create algebraic expressions to express transactions in checking accounts

Money going into your account DepositMoney going out of your account WithdrawalYou have a total of d dollars in your account. You make a cash deposit of x dollars and deposit 5 checks worth y dollars. You would like $250 cash back. Express this as an algebraic expression.Starting Balance:Deposits:Withdrawals:Algebraic Expression:dx5y250d + x + 5y - 25040You have a total of m dollars in your account. You make cash deposits of $225, p dollars, and $85. You also cashed a check for t dollars and one for $100. Write an algebraic expression for this.Starting Balance:Deposits:Withdrawals:Algebraic Expression:m225ptm + 225 + p + 85 t - 10085100= m + p + 210 - t41You and your parents have a joint checking account. Your starting balance was $5,000. During the month, you made deposits of m dollars, wrote checks totaling $2,850, paid a maintenance fee of f dollars, and earned i dollars in interest.Starting Balance:Deposits:Withdrawals:Algebraic Expression:$5,000mi2,8505,000 + m + i 2,850 ff= m + i + 2,150 - f42You open a checking account. In October, you had deposits totaling $1,478 and wrote checks totaling $855. You pay a maintenance fee of $12 and earn interest of $2. At the end of the month, you have $2,192. What was your starting balance?Starting Balance:Deposits:Withdrawals:Algebraic Expression:x1,4782855x + 1480 867 = 2,19212 x = $1,579 1,480 86743Classwork AnswersPage 120, 2-102. Jackie deposited a $865.98 paycheck, a $623 stock dividend check, a $60 rebate check, and $130 cash into her checking account. Her original balance was $278.91. How much is in her account?Starting Balance:Deposits:In her account now:$278.91$865.98$623$130278.91 + 865.98 + 623 + 60 + 130= $1,957.89$60453. Rich has t dollars in his checking account. On June 3, he deposited w, h, and v dollars, and cashed a check for k dollars. Write an algebraic expression representing this.Starting Balance:Deposits:Withdrawals:Algebraic Expression:twhkt + w + h + v - kv464. John cashed a check for $630. The teller gave him three fifty-dollar bills, eighteen twenty-dollar bills, and t ten dollar bills. What is the value of t.Starting Balance:Three fifties:Eighteen twenties:Amount paid in tens:$630$150$360630 150 - 360= 120$120 in tens would be 12 tens475. Gary and Ann have a joint checking account. Their balance at the beginning of Oct. was $9,145.87. During the month they made deposits totaling $2,783.71, wrote checks totaling $4,871.90, paid a maintenance fee of $12, and earned $11.15 in interest.Starting Balance:Deposits:Withdrawals:$9,145.87$2,783.71$4,871.90$12Final Balance: $11.15$7,056.83486. Anna has a checking account. Her balance at the beginning of February was $5,195.65. During the month, she made deposits totaling $6,873.22, wrote checks totaling c dollars, paid a maintenance fee of $15, and earned $6.05 in interest. Her balance was $4,200. What is c?Starting Balance:Deposits:Withdrawals:5,195.656,873.22c156.055,195.65 + 6,873.22 + 6.05 c -15 = 4,200c = $7,859.92497. Queens bank charges a monthly fee of $13 and a check writing fee of $0.07 per check. Last year, Mark wrote 289 checks. What was the total of all his fees?Maintenance: $156 / yearTotal:$13 / monthChecks:$156 + $20.23$0.07 x 289 $20.23 $176.23508. Joby had $421.56 in her checking account when she deposited g twenty-dollar bills and k quarters. Write an expression for this.Starting Balance:Deposits:k quarters:$421.56g twenty-dollar bills 0.25kExpression: 20g421.56 + 20g + 0.25k519. Neka cashed a check for $245. The teller gave him two fifty-dollar bills, six twenty-dollar bills, and f five-dollar bills. What is the value of f?Check amount:Two fifty-dollar bills:Six twenties:$245$100$120Remaining Amount: $25Five dollar-bills: $55210. Olivia cashed a check for $113. The teller gave her four twenty-dollar bills, x ten-dollar bills, and three-one dollar bills. What is the value of x?Check amount:Four twenties:Three ones:$113$80$3Remaining Amount: $30Ten dollar-bills: $353