Budgets
An expense that is the same every month.
What is a fixed expense?
This is a fee that the bank charges just to have an account with them.
What is a maintenance fee?
I=PRT
What is the simple interest formula?
A check register is a way to keep track of these transactions.
This value is represented by P in the compound interest formula.
What is the principle?
Clothes, electric and medicine are examples of this kind of expense.
What is a variable expense?
This is a protection offered by the bank for a fee each time you have to use it.
What is overdraft protection?
What is simple interest?
In order to put money into a bank account you need to fill out one of these.
Find the total amount in an account opened with $350 dollars with 2.5% annual interest for 3 years compounded annually.
What is $376.91?
What is a fixed expense?
This fee is can cost anywhere from $5-$35, in addition, the store you tried to pay may also charge you a fee.
What is an Insufficient Funds fee?
Find how long it would take for $300 of simple interest to be earned in an account that was opened with $1500 earning 2%.
What is 10 years?
The process for the math when filling out a deposit slip.
What is add the deposits and subtract any cashback to find the total deposit?
Compound interest grows faster than simple interest because it earns interest on this.
What are the principle and interest?
What is a budget?
If you were charged 3 overdraft fees of $20 each. This is the amount that you would owe the bank.
What is $60?
Before substituting the annual percentage rate into the formula, divide it by 100 to do this.
What is change it to a decimal?
If I have transactions in my register or running total that are outstanding (have not impacted the account) I need to complete this process.
What is reconciling (adding and subtracting the outstanding items) the account balance?
This piece of information is used in two places in the compound interest formula.
What is the number of times interest is compounded a year?
This expense is easier to change if my budget is more than my income because it is not always the same amount.
What is a variable expense?
This fee is charged anytime your balance goes under $0 even though the bank is covering the purchase price.
What is an overdraft fee?
Find the percentage rate needed to earn $450 dollars interest on an account opened with $2250 for 5 years.
What is 4%?
This account is used for daily transactions.
What is a checking account?
Find the total amount in the account that was opened with $11,575 with 4.25% interest for 7.5 years, compounded monthly.
What is $15,911.38?