Vocabulary
length that money is borrowed or invested
What is Time
Accrues interest if the money is left alone.
Savings Acccount
$1050 4.6% 2 years
$96.60
one of 4 ways money can be deposited into a banking account
What is direct Deposit
What is a check
What is an ATM Deposit
What is a Mobile Deposit
Interest rate = 6%
Time = 3 years
Interest = 720
Principal = ______
What is $4000
Ending Balance
What is total amount (ta)
Better suited for investing rather than spending.
$250, 2.85%, 3 years
$21.38
Advantage of having a bank account at a local bank
What is Lower fees and charges
What is Less risk taking
Interest rate = 4%
Principal = $85,000
Interest $102,000
Time = ____
What is 30 years
is the amount of money charged for borrowing or investing money
What is Interest (i)
Limit to the number of transactions per month.
savings account
$500, 3.75%, 1 year
$18.75
This type of fee occurs when more money than you have in your account is withdrawn
Overdraft fee
Principal = $2400
Time = 2.5 years
Interest = $390
Interest Rate = _____
What is 6.5%
is the original amount of money borrowed or invested.
What is the principal (p)
We put money here if we need easy access to it immediately
checking account
$3000, 5.5% 2 years
$330
This fee is charged monthly for keeping an account maintained by a bank.
Monthly Maintenance Fee
Interest rate = 8%
Interest = $4704
Ending Balance = $14,504
Time =__________
What is 6 years
is the percent charged or earned
What is interest rate (r)
Can be attached to a debit card.
checking account
$4000, 10%, 21 years
$8400
This type of fee occurs when using an out-of-network ATM
Out-of-network ATM fee
Time 5 years
Principal = $4000
Ending Balance = $5000
Interest rate =
Interest =
What is 5%, what is $1000