prof math unit 2 lesson 3

prof math unit 2 lesson 3

Warm up

Show that the two equations are the same by algebraically transforming one equation into the other.

a)  $A=\left(3B-C\right)D$  

b)  $C=\frac{3BD-A}{D}$  

Direct Deposit

Many employers no longer give you the choice of receiving a check for work. Instead, they participate in direct deposit. With direct deposit, you paycheck is automatically deposited in your account. You can see what you made based on your hours worked and deductions taken out by electronically accessing your account through your employer, if they don't give you a physical statement.

Open Ended

What are some of the advantages and disadvantages to direct deposit?

Different types of savings accounts

Statement savings account: a typical account where you receive minimal interest and receive a statement showing all deposits, withdrawals and interest. You may have to pay a fee if it drops below a given balance.

Money market accounts: has a higher interest rate, but requires a greater deposit and greater minimum balance. You may be limited to a certain number of transactions. Your interest may or may not be fixed.

certificate of deposit (CD): requires a specific deposit and guaranteed interest. You must leave your money in for a required period of time with no deposits or withdrawals.

Writing a check: basic information

Find the number in the middle on the bottom. This is your account number. It appears on both your deposit slips and your checks. When writing an e-check. This, along with your routing number, are necessary. When filling out a check, make sure everything is complete and legible, and that all spaces are filled.

How can banks afford to pay you interest?

Banks pay you interest for the privilege of "playing" with your money. They take the money that you give them and use it to make investments. They earn more on your money than they give you in interest. Part of those investments is to loan money to others for cars, homes, etc. Those people then pay interest to the bank for the privilege of being able to borrow the money.

What is interest?

• Interest is the amount of money given as a percentage of the money that is in the bank.

• The interest rate is expressed as the annual percentage rate (APR), which is the yearly interest rate that is paid by a bank, expressed as a percent

• Interest can be simple interest or compound interest (the next section)

arithmetic sequences

an arithmetic sequence is one where you have a common difference, d, which is the number that you add to get to the next term. The formula to get to the nth term of the sequence is

 $a_n=\ a_1+\left(n-1\right)d$  

Simple interest

Simple interest is interest based on only the original principal

The formula for simple interest is I=Prt where

I=interest

r=annual interest rate as a decimal

t=number of years

Do assignment 2-3a