SECTION 5-3 Account Statements pp. 202-204.

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Presentation transcript:

SECTION 5-3 Account Statements pp. 202-204

Key Words to Know account statement (p. 202) A bank statement that shows all deposits, withdrawals, and interest credited to an account.

Formula New Balance = Previous Balance + Interest + Deposits – Withdrawals

Example 1 Your savings account statement shows a previous balance of $1,258.22 and $2.10 in interest. You made deposits of $210.00, $50.00, and $40.00. You had withdrawals of $50.00 and $75.00. What is your new balance?

Example 1 Answer Step: Compute the new balance. Previous Balance + Interest + Deposits – Withdrawals $1,258.22 + $2.10 + ($210 + $50 + $40) – ($50 + $75) = $1,258.22 + $2.10 + $300 – $125 = 1,435.32

Example 2 Christine Yamaguchi receives her savings account statement quarterly. After checking her passbook and transactions to be sure all items have been recorded correctly, she checks the calculations. What is her account balance on July 1?

Figure 5.4

Example 2 Answer Step: Find the new balance. Previous Balance + Interest + Deposits – Withdrawals $274.50 + $4.11 + ($250 + $125 + $80) – $100.00 = $633.61

Practice 1 Answer May 31: $2,043.02 June 5: $2,751.02

Homework: Pg 202:1-11 END OF SECTION 5-3 Account Statements