Refer to our Texas Go Math Grade 6 Answer Key Pdf to score good marks in the exams. Test yourself by practicing the problems from Texas Go Math Grade 6 Lesson 18.1 Answer Key Choosing a Bank.
Texas Go Math Grade 6 Lesson 18.1 Answer Key Choosing a Bank
Texas Go Math Grade 6 Lesson 18.1 Explore Activity Answer Key
Explore Activity 1
Comparing the Costs of Checking Accounts and Debit Cards
You can withdraw money from your bank account in several ways. With a checking account, you write checks or use a debit card to withdraw money. A debit card is a plastic card you can use to purchase goods or services. When you use a debit card, the money you spend is deducted immediately from your checking or savings account.
A. The table shows the fees for certain features at two banks. Complete the table to show which bank has the better deal for each feature.
B. During one month, Carmen wrote 4 checks and used her debit card for two nonbank ATM transactions. Which bank is better for her? Explain.
Explore Activity 2
Debit Cards or Credit Cards?
A credit card is a plastic payment card you can use to purchase goods or services. Using a credit card is like getting a loan. You pay for your purchases later when you receive a monthly bill. You also pay interest on the balance.
Sam and Kong bought identical guitars that cost $600. Sam paid for his guitar with his debit card so $600 was deducted from his checking account on the day of the purchase. Kong charged his guitar on his credit card. He made payments each month until the guitar was paid off. Over time, he paid the credit card company $600 plus an additional $32 in interest.
A. Describe how the payment methods used by Sam and Kong to pay for their guitars affected the amount of money they had in the bank.
B. The table shows some features of debit cards and credit cards. Write A next to the features you think are advantages. Write D next to the features you think are disadvantages.
C. Jolene bought a new helmet from the bike shop. She recorded her purchase in her check register. Which type of card did she use? Explain.
Reflect
Question 1.
Analyze Relationships Terrance has $54.29 in his checking account. He needs to purchase a football uniform for $56.50. Should Terrance use his debit card or his credit card? Explain your reasoning.
Answer:
If he imtends to buy the football uniform right away, he should use his credit card because he does not have enough money in his debit card to purchase the uniform.
He needs to use his credit card for the purchase.
Explore Activity 3
Balancing a Check Register
Your checkbook includes a check register to help you keep track of deposits, withdrawals, and transfers. Your balance tells you how much money is actually in your account. To balance the check register, add deposits to the balance and subtract withdrawals and transfers from the balance.
The check register shows Annie’s checking account transactions.
A. Complete the check register to show Annie’s balance after the transfer and the ATM withdrawal.
B. Add these transactions to Annie’s check register.
- deposited $25.00 dog walking money on 2/24
- wrote a check to The Sport Resort for $ 15.55 on 2/28
Texas Go Math Grade 6 Lesson 18.1 Guided Practice Answer Key
Use the table for Exercise 1. (Explore Activity 1)
Question 1.
Graciella is shopping for a bank. She does not write checks or use the ATM. She pays for lunch with her debit card 20 times each month.
a. What services does Graciella use?
Answer:
Graciella uses debit card for her purchases in which all her payment for lunch is automatically deducted from her account.
b. Calculate her monthly costs.
Answer:
For A+ Bank. she will spend $2.50 for lier payment..
$2.50
she is only using debit card
For NextGen Bank, she will spend $10 for lier payment.
$0.50 × 20 = $10 multiply the debit card fee by 20
c. Which bank is a better deal for her? Explain.
Answer:
With the indicated situation, it is a better deal to have a debit card transaction from A + Bank because there is only one amount to be paid for transactions done in a month as compared to NextGen Bank
Which type of card was used, debit or credit? Explain. (Explore Activity 2)
Question 2.
Carol bought art supplies at the craft store. She paid for the supplies at the end of the month.
Answer:
Carol uses credit card for her purchase because the amount will be paid on a later date.
Question 3.
Stephen wanted a mouth guard for football that costs $23. He bought a less expensive guard so he would not overdraw his account.
Answer:
Stephen used a debit card because the amount will be automatically deducted from his account.
Question 4.
Fill in the missing items in the check register. (Explore Activity 3)
Answer:
By completing the table, the bank balance will be $286.25
Essential Question Check-In
Question 5.
What information do you need to compare the services of different banks?
Answer:
Transactions fee need to be identified in order to compare services of different banks. Informations like checks or monthly checking fee, ATM transactions (nonbank and same bank), and debit card charges must be fully analyzed to get a best deal for any bank transactions.
Monthly checking fee, ATM transactions, and debit card charges are some of the information needed to choose for a bank service.
Texas Go Math Grade 6 Lesson 18.1 Independent Practice Answer Key
Use the table for Exercises 6-10.
Question 6.
Draw Conclusions Compare the check and debit card fees at Hometown Bank. When would it be cheaper to use checks and not a debit card?
Answer:
It would be cheaper to use check if the debit transaction is done at a nonbank ATM because it charges $2 per transaction unlike if you will issue a check it will ony be $0.50 per check.
Question 7.
Multistep Charlie has a checking account at Transnational Bank. In December he wrote 4 checks and made 3 debit card transactions. Would Charlie’s monthly fee be cheaper if his account were at First City Bank? Explain.
Answer:
Determine his monthly fee at Transnational Bank.
= $5 + (0.25 ∙ 3) fee for checks and debit card transactions
= $5 + $0.75 add
= $5.75 monthly fee for Transnational Bank
Determine his monthly fee at First City Bank.
(0.25 ∙ 3) fee debit card transactions
= $0.75 monthly fee for First City Bank
Charlie will have a cheaper monthly fee if his account is at First City Bank because there is no checking fee for that bank.
Question 8.
Multiple Representations Kim has an account at Hometown Bank. In March, she paid $16 in ATM fees. Write an equation showing the number of times she used a nonbank ATM.
Answer:
Determine the number of times she used nonbank ATM
2x = 16 equation for the number of times she used non bank ATM
\(\frac{2 x}{2}=\frac{16}{2}\) divide both sides of the equation by 2
x = 8 number of times the nonbank ATM transaction was used
The equation is 2x = 16 She used it 8 times
Question 9.
What If? The balance in Jake’s checking account is $45.55. What would happen if he wrote 3 checks for $20 each? Show your work.
Answer:
The total cost for the checks will be $60 If his balance is $45.55, it would not be enough to issue three checks at $20 each. He can only issue two checks at $20 each considering that there is an additional charge for issued checks.
His balance is not enough to issue 3 checks at $20 each.
Question 10.
Critique Reasoning First City Bank’s TV commercial states they offer the best deal because they do not charge for checks. Do you agree? Explain.
Answer:
It cannot be proven that First City Bank has the best deal even if they do not charge for check because some of their transactions have additional charges like ATM transactions and debit card charge per transaction.
Question 11.
Enter the following information into the check register. Balance the check register.
Answer:
Completed check register with a remaining balance of $303.02.
H.O.T. Focus on Higher Order Thinking
Question 12.
What If? Suppose you are offered a credit card that has 0% interest for 6 months and 25.9% interest after the introductory period. Why might you choose a credit card with 14.9% interest instead?
Answer:
Question 13.
Critique Reasoning Consider the following statement: “People who use credit cards always end up owing more money than they have. No one should use a credit card.” Do you agree with this opinion? Explain your answer.
Answer:
Question 14.
Communicate Mathematical Ideas Kate has a balance of $1,080 on her credit card. If she makes no purchases and pays $90 each month, will her credit card balance be paid off in a year? Explain.
Answer: