Savings Accounts Questions and Graded Answers.
Interest rate - The interest rate is the fee charged by the bank for the use of the money
when taking out a loan. It is also the fee you are paid by the bank for letting the bank use your
money.
ATM fees - ATM usage fees are the fees banks charge for the use of their Automated
Teller Machines (ATMs).
Opening a savings can provide an individual many conveniences. List and briefly describe the
conveniences that are associated with opening a savings account. - Savings accounts offer
easy access to your money in the event of an emergency, while your money is in a savings
account, it can earn interest, allowing your money to grow, and finally keeping your money in a
savings account means that your money is safe.
Colin wants to set up an aquarium.. He already has a tank, but needs to purchase fish, filters, and
plants. If the cost of the fish is $84.79, the filters usually cost $60.45 but Colin finds them on sale
for $44.75, and the cost of the plants is $18.66, determine how much of Colin's $488.85 savings
will be used to set up his aquarium. - $148.20
Kim has worked in the tech industry for some time and would like to start consulting. In opening
her new business, she will need equipment. She needs to purchase 3 laptops, 2 desktop
computers, and a fax machine. Each laptop costs $546.78, each desktop computer costs
$1,255.99, and the cost of the fax machine is $125.99. She currently has $3,500 in her savings
account.
Determine if Kim has enough in her savings account to cover the expenses of her new company,
and if she doesn't have enough, determine the amount needed to cover the cost. - After
expenses, Kim will need an additional $778.31 to start her company.
Savings accounts are a reliable way to store money for the future. - T
Interest rate - The interest rate is the fee charged by the bank for the use of the money
when taking out a loan. It is also the fee you are paid by the bank for letting the bank use your
money.
ATM fees - ATM usage fees are the fees banks charge for the use of their Automated
Teller Machines (ATMs).
Opening a savings can provide an individual many conveniences. List and briefly describe the
conveniences that are associated with opening a savings account. - Savings accounts offer
easy access to your money in the event of an emergency, while your money is in a savings
account, it can earn interest, allowing your money to grow, and finally keeping your money in a
savings account means that your money is safe.
Colin wants to set up an aquarium.. He already has a tank, but needs to purchase fish, filters, and
plants. If the cost of the fish is $84.79, the filters usually cost $60.45 but Colin finds them on sale
for $44.75, and the cost of the plants is $18.66, determine how much of Colin's $488.85 savings
will be used to set up his aquarium. - $148.20
Kim has worked in the tech industry for some time and would like to start consulting. In opening
her new business, she will need equipment. She needs to purchase 3 laptops, 2 desktop
computers, and a fax machine. Each laptop costs $546.78, each desktop computer costs
$1,255.99, and the cost of the fax machine is $125.99. She currently has $3,500 in her savings
account.
Determine if Kim has enough in her savings account to cover the expenses of her new company,
and if she doesn't have enough, determine the amount needed to cover the cost. - After
expenses, Kim will need an additional $778.31 to start her company.
Savings accounts are a reliable way to store money for the future. - T
