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Financial Algebra

Robert Gerver, Richard Sgroi

Chapter 3

Banking Services

Educators


Problem 1

How might the quote apply to what has been outlined in this lesson?

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Problem 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 account balance was $\$ 278.91 .$ Assuming the checks clear, how much was in her account after the deposit was made?

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Problem 3

Rich has $t$ dollars in his checking account. On June $3,$ he deposited $w_{1}, h,$ and $v$ dollars, and cashed a check for $k$ dollars. Write an algebraic expression that represents the amount of money in his account after the transactions.

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Problem 4

John cashed a check for $\$ 630 .$ The teller gave him three fifty-dollar bills, eighteen twenty-dollar bills, and $t$ ten-dollar bills. Determine the value of $t .$

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Problem 5

Gary and Ann have a joint checking account. Their balance at the beginning of October 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 on the account. What was the balance at the end of the month?

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Problem 6

Anna has a checking account at Garden City Bank. 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, was charged a maintenance fee of $\$ 15,$ and earned $\$ 6.05$ in interest. Her balance at the end of the month was $\$ 4,200.00 .$ What is the value of $c ?$

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Problem 7

Queens Meadow Bank charges a monthly maintenance fee of $\$ 13$ and a check writing fee of $\$ 0.07$ per check. Last year, Mark wrote 289 checks from his account at Queens Meadow. What was the total of all fees he paid on that account last year?

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Problem 8

Joby had $\$ 421.56$ in her checking account when she deposited $g$ twenty-dollar bills and $k$ quarters. Write an expression that represents the amount of money in her account after the deposit.

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Problem 9

Neka cashed a check for $\$ 245$ . The teller gave him two fifty-dollar bills, six twenty-dollar bills and $f$ five-dollar bills. Determine the value of $f .$

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Problem 10

Olivia cashed a check for $\$ 113 .$ The teller gave her four twenty-dollar bills, $x$ ten-dollar bills, and three one-dollar bills. Find the value of $x .$

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Problem 11

Hector had $y$ dollars in his savings account. He made a deposit of twenty-dollar bills and dollar coins. He had four times as many dollar coins as he had twenty-dollar bills and the total of his twenty-dollar
bills was $\$ 60 .$ Write an expression for the balance in Hector's account after the deposit.

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Problem 12

On September $1,$ Chris Eugene made the following band equipment purchases at Leslie's Music Store. Calculate her total bill. Complete a check for the correct amount. Print a copy of the check from www.
cengage.com/school/math/ math/financialalgebra.

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Problem 13

Create a check register for the transactions listed. There is a $\$ 2.25$ fee for each ATM use.
a. Your balance on 10$/ 29$ is $\$ 237.47$
b. You write check 115 on 10$/ 29$ for $\$ 182.00$ to Fox High School.
c. You deposit a paycheck for $\$ 162.75$ on 10$/ 30 .$
d. You deposit a $\$ 25$ check for your birthday on 11$/ 4$ .
e. On $11 / 5,$ you go to a sporting event and run out of money. You use the ATM in the lobby to get $\$ 15$ for snacks.
f. Your credit card bill is due on $11 / 10,$ so on 11$/ 7$ you write check 116 to Credit USA for $\$ 51.16 .$
g. Your sister repays you $\$ 20$ on 11$/ 10 .$ You deposit it. h. You withdraw $\$ 25$ from the ATM to buy flowers on 11$/ 12$ .
i. You deposit your paycheck for $\$ 165.65$ on 11$/ 16$ .
j. Your deposit a late birthday check for $\$ 35$ on 11$/ 17$ .

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Problem 14

Ridgewood Savings Bank charges a $\$ 27$ per check overdraft protection fee. On July $8,$ Nancy had $\$ 1,400$ in her account. Over the next four days, the following checks arrived for payment at her bank:
July $9, \$ 1,380.15,$ July $10, \$ 670$ and $\$ 95.67 ;$ July $11, \$ 130 ;$ and July $12, \$ 87.60 .$ How much will she pay in overdraft protection fees? How much will she owe the bank after July 12$?$

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Problem 15

123 Savings and Loan charges a monthly fee of $\$ 8$ on checking accounts and an overdraft protection fee of $\$ 33 .$ Neela's check register showed she had a balance of $\$ 456$ when she wrote a check for $\$ 312 .$ Three days later she realized her check register had an error and she actually only had $\$ 256 .$ So she transferred $\$ 250$ into her checking account. The next day, her monthly account statement was sent to her. What was the balance on her statement?

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Problem 16

Create a check register for the transactions listed. Download a blank check register from www.cengage.com /school/math/financialalgebra.
a. Your balance on 12$/ 15$ is $\$ 2,546.50$ .
b. On $12 / 16,$ you write check 2345 for $\$ 54$ to Kings Park High School Student Activities.
c. On $12 / 17,$ you deposit your paycheck in the amount of $\$ 324.20$ .
d. Your grandparents send you a holiday check for $\$ 100$ which you deposit into your account on 12$/ 20$ .
e. On 12$/ 22$ you write three checks: 2346 to Best Buy in the amount of $\$ 326.89,2347$ to Macy's in the amount of $\$ 231.88,$ and 2348 to Target in the amount of $\$ 123.51$ .
f. On $12 / 24,$ you go to the Apple Store. As you are writing the check for $\$ 301.67,$ you make a mistake and must void that check. You pay with the next available check in your checkbook.
g. On $12 / 26,$ you return a holiday gift. The store gives you $\$ 98$ . You deposit that into your checking account.
h. On $12 / 28,$ you write an e-check to Allstate Insurance Company in the amount of $\$ 876.00$ to pay your car insurance.
i. On $12 / 29,$ you withdraw $\$ 200$ from an ATM. There is a $\$ 1.50$ charge for using the ATM.

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Problem 17

Download a copy of the check register shown below from www.cengage.com/school/math/financialalgebra. Complete items a through y.

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