Texas Go Math Grade 6 Lesson 18.1 Answer Key Choosing a Bank

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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.
Texas Go Math Grade 6 Lesson 18.1 Answer Key 1
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.
Texas Go Math Grade 6 Lesson 18.1 Answer Key 11
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

Go Math Answer Key Grade 6 Lesson 18.1 Question 1.
Analyze Relationships Terrance has $54.29 in his checking account. He needs to purchase a football uniform for $56.50. Should Terrence use his debit card or his credit card? Explain your reasoning.
Answer:
If he intends 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.
Texas Go Math Grade 6 Lesson 18.1 Answer Key 3
The check register shows Annie’s checking account transactions.
Texas Go Math Grade 6 Lesson 18.1 Answer Key 4
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)
Texas Go Math Grade 6 Lesson 18.1 Answer Key 5

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 payments.
$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)

Lesson 18.1 Go Math Answer Key Grade 6 Question 2.
Carol bought art supplies at the craft store. She paid for the supplies at the end of the month.
Answer:
Carol uses a credit card for her purchases because the amount will be paid at a later date.

Question 3.
Stephen wanted a mouthguard for football that cost $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)
Texas Go Math Grade 6 Lesson 18.1 Answer Key 6
Answer:
Texas Go Math Grade 6 Lesson 18.1 Answer Key 9
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.
Texas Go Math Grade 6 Lesson 18.1 Answer Key 7
Go Math 6th Grade Answer Key Pdf Lesson 18.1 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 a check if the debit transaction is done at a nonbank ATM because it charges $2 per transaction unlike if you issue a check it will only 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 checks because some of their transactions have additional charges like ATM transactions and debit card charges per transaction.

Texas Go Math Grade 6 Choosing A Bank Worksheet Answer Key Question 11.
Enter the following information into the check register. Balance the check register.
Texas Go Math Grade 6 Lesson 18.1 Answer Key 8
Answer:
Texas Go Math Grade 6 Lesson 18.1 Answer Key 10
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:

Choosing A Checking Account Worksheet Answer Key Pdf Grade 6 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:

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