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Unit 1, lesson 3

Review of U1 Lesson 3

QuestionAnswer
What is the percent that is paid on money in a bank account or the money owed? Interest Rate
What type a bank is a full-service financial institution that offers a variety of services? Commercial Bank
What type of financial institution provides loans and mortgages to customers who hold a saving account? Savings and Loans
What is a nonprofit financial cooperative owned by its members? Credit Union
What type of account is an account where paper checks or debit cards are used to withdraw money deposited into the account to pay for items? Checking Account
This type of account is where money is deposited into an account to earn interest. Savings Account
______________ is borrowed money. Loan
Which financial institution usually has the lowest interest rates on loans? Credit Unions
What do you need in order to reconcile a checking account? bank statement and check register
This is the interest paid on the principal amount. Simple Interest
Joe puts 1000.00 dollars in his account. The account earns 5% interest. He earns 50 dollars in interest the first month. His new balance is 1050 dollars and he earns 5% on his new balance the next month. What is the interest type? Compound Interest
Created by: sboucher