Simple Interest
Compound Interest
Checking
Savings
Misc.
100
Principal $13,700
5%
2 years
Find the interest AND total amount.
I- $1,370
T- $15,070
100
Principal $52,400
6%
Compounded Annually
5 years
Find the TOTAL amount
$70,123.02
100
Whom is this check written to?
Every City Utility Company
100
The amount you make on an account by letting it sit there and accumulate.
Interest
100
What is an overdraft fee?
A charge the bank issues if you spend more money than you have in your checking account.
200
Principal $9,800
8%
6 years
Find the interest AND total amount.
I- $4,704
T- $14,504
200
Principal $10,400
12.7%
Compounded Semi-Annually
4 years
Find the TOTAL amount
$17,018.97
200
What is the check writer's address?
123 Main Street
City, State 12345
200
An account where you can continue to deposit and withdraw money.
Traditional Savings Account
200
What is the name for the number that helps prevent fraud on your debit card? (Usually a 4-6 digit code)
PIN Number
300
Principal $5,425
13%
5 years
Find the interest AND total amount.
I - $3,526.25
T- $8,951.25
300
Principal $18,100
13.6%
Compounded Quarterly
7.5 years
Find the TOTAL amount
$49,350.86
300
Why is it important to write checks with pens/ink?
So that it cannot be adjusted by someone else.
300
An account where you CANNOT adjust funds (add or subtract) until a set date is reached.
CD (Certificate of Deposit) Account
300
List three different ways interest can be COMPOUNDED in a year.
Annually
Semi-Annually
Quarterly
Monthly
Weekly
Daily
Continuously
400
Principal $400
2%
10 years
Find the interest AND total amount.
I- $80
T- $480
400
Principal $95
5.2%
Compounded Semi-Annually
1 year
Find the TOTAL amount
$100
400
What should you do if you make a mistake while writing a check?
Void the check (Writing void across the whole thing, otherwise destroying it.)
400
What term goal takes between 2 months and three years?
Medium-Term Goal
400
Will you generally gain more interest with a traditional savings account OR a certificate of deposit account?
Certificate of Deposit
500
Principal $700
4% AND 11%
4 years
Find the INTEREST for both percentages above
4% - $812
11% - $1,008
500
Principal $270
15%
Compounded Annually
3 years
Find the TOTAL amount
$410.64
500
List three ways you can use money in a checking account.
Debit Card
ATM
Automatic Payment
Cash Withdrawal
Checks
500
What is the PRIMARY reason for opening a savings account?
Emergency savings
500
Why is it important to monitor your checking and savings accounts on a regular basis?
Prevent Fraud
Ensure there are no double payments
Etc.