Bank Verbiage
Debits on a Bank Statement
What is the term for withdrawals?
Charge accessed by a bank to maintain a checking account.
What is a Maintenance Fee?
I = P x r x t.
What is the formula for simple interest earned on savings account?
After three years, Ben's new balance on a 1500.00 investment, compounded daily, with a 1.12% rate.
What is $1551.26?
Mattie's new balance after 30,000 is deposited, compounded continuously, over 5 years, at a rate of 1.85%
What is 32,907.39?
*** Daily Double***
The written or electronic method of recording and tracking the movement of money.
What is a check register?
A monthly record provided by the bank of all monetary transactions.
What is a Bank Statement?
The original amount or money invested.
What is the Principal?
The investment needed to reach 17,500 in 9 years, at a rate of 2.95% interest, compounded quarterly.
What is $13,432.47?
*** Daily Double and Choose a Team's Choice ***
The investment needed to make 10,000, in 9 years, at a rate of 5.1%, compounded continuously.
What is 6319.15?
The actual terms of the banking acronym APR.
What is Annual Percentage Rate?
A table used for reconciling a bank statement.
What is a Checking Account Summary?
*** pick the next teams choice ***
The interest money Grace would earn after investing 2350.00 into a savings account with simple interest at a rate of 2.77% for 6 years.
What is 390.57?
The new balance Payton will have after 7250.00 is compounded monthly, at a rate of 6.02%, for 11 years.
What is $14034.88?
What is 17.20 years?
This is interest earned on interest.
What is compound interest?
*** Daily Double ***
Debits that are recorded on the register, but not on the bank statement.
What are Withdrawals Outstanding?
The amount Coletan needs to deposit to have 4300.00 after 7.5 years, at a simple interest rate of 3.91%.
What is $3324.96?
*** Daily Double ***
At the end of one year, this principal would grow into $520.20 at 4% annual interest, compounded semi-annually.
What is 500.00?
The rate needed to grow 10,000.00 into 10,800.00, over 3.5 years, compounded continuously.
What is 2.2%?
Savings account that has a higher interest, but typically demands a greater deposit.
What is Money Market Account?
Odin has a checking account. His beginning balance is 9145.87. He has made a deposit of 1783.71, and later another deposit of 1000.00. He wrote checks of 2500.00, 850.00, and 1521.90. He also paid a maintenance fee of 12.00, and earned 11.15 in interest. This is his new balance.
What is 7056.83?
*** Pick a team that must skip a turn ***
The time it would take for 450.00 to double at a simple interest rate of 14%.
What is 86 months (7.14 years)?
The interest earned on a principal of $1,800 at 4.6%, compounded quarterly, after 8 years?
What is $795.26?
The time needed for Jackie to earn 30,000 on a 200,000 investment, at 2.875%, compounded quarterly.
What is 4.88 years?