Deposits &
Withdrawals
Withdrawals
List 3 ways to make a deposit.
What is in person, at an ATM or online
What information does your savings account statement show? (at least 3)
money in, money out, transaction dates, and starting ad ending balances
Give the formula for simple interest
Interest = Principal x Rate x Time
I = prt
What are the two steps for computing compound interest?
Amount=Principal + Interest
Compound Interest = Amount - Original interest
How many months of the year have 28 days?
all of them
What is the formula for calculating the total amount of a deposit?
What is
Total Deposit - (currency+ coins + checks) - cash received
What is the formula for finding your new balance?
New balance = previous balance + interest + deposits - withdrawals
Principal $800
annual rate of interest 5.5%
What is the interest after 6 months?
I = prt
$800 x 5.5% x (6:12)
What is $22.00
Jackson deposited $2000 into savings that earns 8% interest compounded quarterly. What was the amount in the account at the end of 1 year? How much is the compound interest?
$2000 x 8% x 1/4= $40 (first quarter)
$2000 + 40 = $2040
$2040 x 8% x 1/4 = $40.800 (2nd quarter)
$2040 + 40.80 = $2080.80
(Do for 4 quarters Total interest is $164.87 / Total amount in the account + $2,164.87
How do you make the number 7 even without multiplication, subtraction, addition or division?
Drop the s
Define principal as related to a savings account.
What is the amount put into an account on which interest is based
The previous balance in John's account is $700. activities in it include interest, $1.50; deposits $100 and $250; withdrawals $80 and $110. Find the new balance.
What is $861.50
$328 invested at 5% for 3 years
$328 x .05 x 3
What is $49.20
Milo deposited $860 in a new reular savings account that earns 5.5% interest compounded semiannually for 1 year. What is the amount and the compound interest?
Amount $907.95
Compound Interest = $47.95
I have keys but no doors, I have space but no rooms, I allow you to enter but you are never able to leave. What am I?
A keyboard
Rob wants to deposit the following into his savings: 28 one dollar bills, 8 five dollar bills, 24 quarters, 35 dimes, 90 pennies, a check for $29.34 and a check for $124.19. He want to receive a $50.00 bill in cash. How much will he deposit?
What is $181.93
Judi's balance was $717.52. She received $4.36 in interest and had $125 and $276.95 in deposits and $90 in withdrawals. What is her new balance?
What is $1,033.83.
Joyce deposits $9000 in an account that pays an annual 5.5% interest rate. Determine the simple interest and the amount in the account for 3 months.
$9000 x 5.5% x (3/12) = $123.75
$9000 + 123.75= $9123.75
Aubrey's savings has a principal of $5725. It earns 4% interest compounded quarterly for 3 years. What is the amount and the compound interest?
Amount= $4898.47
Comp. Int = $173.47
Tom was asked to paint the apartment number on plates for 100 apartments which means he will have to paint numbers 1 through 100. How many times will he paint the number 8?
20 times (8, 18, 28, 38, 48, 58, 68, 78, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 98)
Winona is depositing: 5 one hundred dollar bills, 8 fifties, 25 twenties, 22 fives, 8 twos, and 19 ones. The deposit includes 18 half dollars, 42 quarters, 36 dimes, 28 nickels and one check for $40. She wants to receive 3 twenties, 3 tens, a five, and 5 ones. how much was the deposit?
What is $1509.50
Sara's previous savings account balance $74,561.49 with $1017.98 in interest, deposits of $918.37 and $944.56, and withdrawals of $959.40 and $14, 391.47. What is her new balance?
What is $62,091.53
Sydney deposited $2430 at 6.75%. she made no other deposits or withdrawals. How much simple interest did she earn in 65 days? What is the amount in the account?
$2430 x 6.75% x 65/365 = $29.21
$2430 + 29.21 = $2459.21
Pete deposited $350 into a new savings account that earns 6.5% interest compounded semiannually. What is the amount in his account at the end of 1 year? What is the compound interest?
Amount = $373.12
CI= $23.12
Using only addition, how can you add eight 8’s to get the number 1,000?
888 +88 +8 +8 +8 =1,000