Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide 1 3-1 CHECKING ACCOUNTS Understand how checking accounts work. Complete a check register.

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Presentation transcript:

Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide CHECKING ACCOUNTS Understand how checking accounts work. Complete a check register. OBJECTIVES

Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide 2 checking account check electronic funds transfer (EFT) payee drawer check clearing deposit slip direct deposit hold endorse canceled insufficient funds overdraft protection automated teller machine (ATM) personal identification number (PIN) maintenance fee interest single account joint account check register debit credit Key Terms

Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide 3 Example 1 Allison currently has a balance of $2,300 in her checking account. She deposits a $ paycheck, a $20 rebate check, and a personal check for $550 into her checking account. She wants to receive $200 in cash. How much will she have in her account after the transaction?

Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide 4 Lizzy has a total of x dollars in her checking account. She makes a deposit of b dollars in cash and two checks each worth c dollars. She would like d dollars in cash from this transaction. She has enough to cover the cash received in her account. Express her new checking account balance after the transaction as an algebraic expression. CHECK YOUR UNDERSTANDING

Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide 5 Nick has a checking account with the Park Slope Savings Bank. He writes both paper and electronic checks. For each transaction, Nick enters the necessary information: check number, date, type of transaction, and amount. He uses E to indicate an electronic transaction. Determine the balance in his account after the Star Cable Co. check is written. Example 2

Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide 6 Nick writes a check to his friend James Sloan on May 11 for $ What should he write in the check register and what should the new balance be? CHECK YOUR UNDERSTANDING

Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide 7 Would the final balance change if Nick had paid the cable bill before the wireless bill? Explain. EXTEND YOUR UNDERSTANDING