Checking Accounts
A written order used to tell a bank to pay money (transfer funds) from an account to the payee.
What is a check?
This is either a handwritten or electronic record that tracks all transactions in your checking account.
What is a check register?
A percentage of the money that is in an account paid to the account holder by the bank.
What is interest?
Gary deposits $3,700 in an account that pays 2.15% simple interest He keeps the money in the account for three years without making any other deposits or withdrawals.
This is the amount of interest Gary will earn.
What is $238.65?
This is the ending balance of an account into which $6,000 is deposited that pays 3.2% interest compounded annually for one year.
What is $6,192?
Mason has g dollars in his checking account. On October 3rd, he deposited m, n, and p dollars, then cashed a check he'd written to himself for k dollars.
This is the algebraic expression that represents the amount of money in his account after the transactions.
What is g + m + n + p - k?
This words describes checks that have been written and that do not appear on a bank statement.
What is outstanding?
This kind of compounding compounds interest twice per year.
What is semiannual compounding?
This is the ending balance of an account that has $6,000 deposited at a simple interest rate of 4.25% after 4.5 years.
What is $7,147.50?
This is the ending balance of an account into which $16,000 is deposited with a rate of 4.8% compounded daily for one year.
What is $16,786.68?
Neka cashed a check for $245. The teller gave him 2 fifty-dollar bills, 6 twenty-dollar bills, and x five-dollar bills. This is the number five-dollar bills Neka received.
What is 5?
This word describes a check that has been processed by the bank and appears on a bank statement.
What is cleared?
This kind of interest adds the same amount of money each year to a savings account.
What is simple interest?
This is the amount of principal you would have to deposit to earn $700 simple interest in 1.5 years at a rate of 4%.
What is $11,666.67?
Clarice has $4,111 in an account that pays 3.07% interest, compounded monthly. This is how much interest Clarice will earn after two years.
What is $259.98?
Sarah deposited a $900 paycheck, a $300 stock dividend check, a $50 rebate check, and $200 cash into her checking account. Her original account balance was $555. This describes the amount in her account after the transactions.
What is $2,005?
If one is able to successfully reconcile a bank statement and a check register, the register's ending balance should match this.
What is a revised statement balance?
This kind of interest is money earned on the money deposited plus previous interest.
What is compound interest?
This is the amount of simple interest earned after 4 months when $7,000 is deposited at a rate of 1.5%.
What is $35?
Uriel deposited $10,000 at 3.85% interest, compounded continuously. This is his ending balance after 3 years.
What is $11,224.35?
Jack and Diane have a joint checking account. Their balance at the beginning of October was $8,456.12. During the month they made deposits totaling $3,446.12, wrote checks totaling $5,321.08, paid a maintenance fee of $10, and earned $5.17 in interest on the account.
This is the balance at the end of the month.
What is $6,576.33?
Tasha filled out the following information on the back of her bank statement:
Statement Ending Balance: $764.22
Outstanding Deposits: $387.11
Outstanding Withdrawals: $455.32
Using Tasha's information, this is the revised statement balance.
What is $696.01?
In the compounding continuously formula, the letter e is named for this mathematician.
Who is Leonhard Euler?
This is how long it would take $5,000 to double in an account that pays 5.6% simple interest, to the nearest year.
What is 18 years?
Ms. Sanchez is opening a one-year CD for $20,000. The interest is compounded daily. The annual percentage rate (APR) is 4.8%. This is the APY for this account, rounded to the nearest hundredth.
What is 4.92%?