Checking Accounts

1. Checking Accounts Section 3.1

2. Key Terms Check Deposit Withdrawal Interest ATM Transaction Fee

3. Types of Checking Accounts Basic Checking Account Most widely used. Do not pay interest. Limited number of checks per month. Interest-bearing Checking Account Pay interest. Minimum balance. Free Checking Account No minimum balance or monthly fee. Can be charged for checks. Joint Checking Account Checking account owned by more than 1 person.

4. You are depositing a total of 795.33 Total Amount Being Deposited: Add this amount to your original balance: = 425.33 + 20 + 550 = 2,300 + 795.44 = $995.44 = 3,095.33 Subtract the cash received You have a new balance of $3,095.33 in your checking account = 995.33 - 200 = 795.33 You currently have a balance of $2,300 in your checking account. You deposit a $425.33 paycheck, a $20 rebate check, and a personal check for $550. You want to receive $200 in cash. How much will be in your account?

5. Classwork Page 120, 2-10

6. Algebraic Expressions • We are going to create algebraic expressions to express transactions in checking accounts • Money going into your account • → Deposit • Money going out of your account • → Withdrawal

7. Starting Balance: d Deposits: x 5y Withdrawals: 250 Algebraic Expression: d + x + 5y - 250 You have a total of d dollars in your account. You make a cash deposit of x dollars and deposit 5 checks worth y dollars. You would like $250 cash back. Express this as an algebraic expression.

8. Starting Balance: m Deposits: 225 p 85 Withdrawals: t 100 Algebraic Expression: m + 225 + p + 85 – t - 100 = m + p + 210 - t You have a total of m dollars in your account. You make cash deposits of $225, p dollars, and $85. You also cashed a check for t dollars and one for $100. Write an algebraic expression for this.

9. Starting Balance: $5,000 Deposits: m i Withdrawals: 2,850 f Algebraic Expression: 5,000 + m + i – 2,850 – f = m + i + 2,150 - f You and your parents have a joint checking account. Your starting balance was $5,000. During the month, you made deposits of m dollars, wrote checks totaling $2,850, paid a maintenance fee of f dollars, and earned i dollars in interest.

10. Starting Balance: x Deposits: 1,478 2 → 1,480 Withdrawals: 855 12 → 867 Algebraic Expression: → x = $1,579 x + 1480 – 867 = 2,192 You open a checking account. In October, you had deposits totaling $1,478 and wrote checks totaling $855. You pay a maintenance fee of $12 and earn interest of $2. At the end of the month, you have $2,192. What was your starting balance?

11. Classwork Answers Page 120, 2-10

12. Starting Balance: $278.91 Deposits: $865.98 $623 $60 $130 In her account now: 278.91 + 865.98 + 623 + 60 + 130 = $1,957.89 2. Jackie deposited a $865.98 paycheck, a $623 stock dividend check, a $60 rebate check, and $130 cash into her checking account. Her original balance was $278.91. How much is in her account?

13. Starting Balance: t Deposits: w h v Withdrawals: k Algebraic Expression: t + w + h + v - k 3. Rich has t dollars in his checking account. On June 3, he deposited w, h, and v dollars, and cashed a check for k dollars. Write an algebraic expression representing this.

14. Starting Balance: $630 Three fifties: $150 Eighteen twenties: $360 Amount paid in tens: = 120 630 – 150 - 360 $120 in tens would be 12 tens 4. John cashed a check for $630. The teller gave him three fifty-dollar bills, eighteen twenty-dollar bills, and t ten dollar bills. What is the value of t.

15. Starting Balance: $9,145.87 Deposits: $2,783.71 $11.15 Withdrawals: $4,871.90 $12 Final Balance: $7,056.83 5. Gary and Ann have a joint checking account. Their balance at the beginning of Oct. was $9,145.87. During the month they made deposits totaling $2,783.71, wrote checks totaling $4,871.90, paid a maintenance fee of $12, and earned $11.15 in interest.

16. Starting Balance: 5,195.65 6,873.22 6.05 Deposits: c = $7,859.92 Withdrawals: c 15 5,195.65 + 6,873.22 + 6.05 – c -15 = 4,200 6. Anna has a checking account. Her balance at the beginning of February was $5,195.65. During the month, she made deposits totaling $6,873.22, wrote checks totaling c dollars, paid a maintenance fee of $15, and earned $6.05 in interest. Her balance was $4,200. What is c?

17. Maintenance: $13 / month → $156 / year → $20.23 Checks: $0.07 x 289 → $176.23 Total: $156 + $20.23 7. Queens bank charges a monthly fee of $13 and a check writing fee of $0.07 per check. Last year, Mark wrote 289 checks. What was the total of all his fees?

18. Starting Balance: $421.56 Deposits: g twenty-dollar bills → 20g k quarters: → 0.25k Expression: 421.56 + 20g + 0.25k 8. Joby had $421.56 in her checking account when she deposited g twenty-dollar bills and k quarters. Write an expression for this.

19. Check amount: $245 Two fifty-dollar bills: $100 Six twenties: $120 Remaining Amount: $25 Five dollar-bills: $5 9. Neka cashed a check for $245. The teller gave him two fifty-dollar bills, six twenty-dollar bills, and f five-dollar bills. What is the value of f?

20. Check amount: $113 Four twenties: $80 Three ones: $3 Remaining Amount: $30 Ten dollar-bills: $3 10. Olivia cashed a check for $113. The teller gave her four twenty-dollar bills, x ten-dollar bills, and three-one dollar bills. What is the value of x?