Simple Interest
How much interest is earned on $450 at 8% for nine years?
$324
If a loan is taken out for $800 at 8% and costs $256 in interest, how long was the loan for?
4 years
This account is perfect for everyday purchases, like using a debit card or writing checks.
Checking account
This fee is charged monthly just for keeping your money in a bank account but can be avoided by maintaining a minimum balance or setting up direct deposits.
Monthly maintenance/ service fee
Jaden deposits $3000 into an account that earns 3% compounded yearly. How much will he have in the account after 5 years?
What is $3477.82
How much interest is earned on $500 at 10% interest for five years?
$250
How much interest is earned on a principal of $1800 invested at an interest rate of 7.2% for 15 years?
$1944
This type of account is a safe place to set aside money for future expenses or goals, often with limited withdrawal options.
Savings account
This fee is charged when your checking account balance falls below zero.
Overdraft fee
Julien invests $8000 into an account that earns 4.25% interest compounded quarterly. What is the balance after 20 years?
What is $18,633.44?
If you borrow $780 for 6 years at 17% interest, how much interest will you pay?
$795.60
How much principal must be invested to earn $729.60 in 19 years at an interest rate of 6%?
$640
This account requires you to keep your money locked in for a specific time in exchange for a higher interest rate.
Certificate of Deposit (or CD)
This fee is charged when a check bounces and you do not have overdraft protection
Insufficient funds fee (or NSF fee)
Maria deposits $6000 into an account that earns 5.1% interest compounded continuously. What is her balance after 15 years?
what is $12,893.97?
How much interest is earned on $1580 at 4.5% for six months?
$35.55
If the balance at the end of seven years on an investment of $1200 is $1620, what was the interest rate?
5%
This feature in online banking helps you avoid missing due dates by automatically sending payments to your creditors.
Automatic bill payment
When do banks typically charge you to withdraw money from an ATM?
When the ATM is from another bank (out-of-network ATM fee)
Saving for retirement, Alex deposits $100 every week (n=52) into a fund that earns 4.1% interest. How much is in the fund after 20 years? Use
B=(P((1+r/n)nt-1))/(r/n)
What is $161,043.54
How much interest is earned on $1200 At 6% for 16 months?
What is $96
How long will it take for $3000 to double at 4%?
25 years
This is the name of the process of comparing your bank statement with your check register to make sure you include any outstanding checks and deposits.
What is reconciling a bank statement.
You want to save up to buy a $40,000 car in 5 years. How much should you deposit into an account that earns 4% interest compounded monthly? Use
P=B/(1+r/n)nt
What is $32,781.78