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 currently have a balance of $2,300 in your checking account
You currently have a balance of $2,300 in your checking account. You deposit a $ 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?
You are depositing a total of
Total Amount Being Deposited:
Add this amount to your original balance: =
= 2,
= $995.44
= 3,095.33
Subtract the cash received
You have a new balance of $3, in your checking 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. You have a total of d dollars in your account
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.
Starting Balance: d
Deposits: x 5y
Withdrawals:
250
Algebraic Expression:
d + x + 5y - 250

8. You have a total of m dollars in your account
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.
Starting Balance: m
Deposits:
225 p 85
Withdrawals: t
100
Algebraic Expression:
m p + 85 – t - 100
= m + p t

9. You and your parents have a joint checking account
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.
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

10. You open a checking account
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?
Starting Balance: x
Deposits:
1,478 2
→ 1,480
Withdrawals:
855 12
→ 867
Algebraic Expression:
x – 867 = 2,192
→ x = $1,579

11. Classwork Answers
Page 120, 2-10

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

13. 3. Rich has t dollars in his checking account
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.
Starting Balance: t
Deposits: w h v
Withdrawals: k
Algebraic Expression:
t + w + h + v - k

14. 4. John cashed a check for $630
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.
Starting Balance:
$630
Three fifties:
$150
Eighteen twenties:
$360
Amount paid in tens:
630 –
= 120
$120 in tens would be 12 tens

15. 5. Gary and Ann have a joint checking account
5. Gary and Ann have a joint checking account. Their balance at the beginning of Oct. was $9, 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.
Starting Balance:
$9,145.87
Deposits:
$2,783.71
$11.15
Withdrawals:
$4,871.90
$12
Final Balance:
$7,056.83

16. 6. Anna has a checking account
6. Anna has a checking account. Her balance at the beginning of February was $5, 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?
Starting Balance:
5,195.65
Deposits:
6,873.22
6.05
c = $7,859.92
Withdrawals: c 15
5, , – c -15 = 4,200

17. 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?
Maintenance:
$13 / month
→ $156 / year
Checks:
$0.07 x 289
→ $20.23
Total:
$156 + $20.23
→ $176.23

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

19. 9. Neka cashed a check for $245
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?
Check amount:
$245
Two fifty-dollar bills:
$100
Six twenties:
$120
Remaining Amount:
$25
Five dollar-bills: $5

20. 10. Olivia cashed a check for $113
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?
Check amount:
$113
Four twenties:
$80
Three ones: $3
Remaining Amount:
$30
Ten dollar-bills: $3