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Overview
CAEC Math
Number Sense
5. Financial Mathematics: Solving Problems with Fractions, Decimals, and Percentages
5.13 Bank account
How Do Bank Accounts Work?
Understand chequing and savings accounts, how deposits and withdrawals change your balance, and how interest helps savings grow.
What You'll Learn
Distinguish a chequing account, used for everyday spending, from a savings account, used to grow money with interest
Track how deposits and withdrawals change a running balance using addition and subtraction
Apply the simple interest formula \( I = Prt \) to find interest earned on a savings account
Calculate a new balance after interest using \( A = P + Prt \)
Compare account features such as fees, interest rates, and access to funds when choosing an account
Connect bank account math to real budgeting decisions about spending and saving income
This Unit Includes
Learning resources
TEST-PREP Curriculum Aligned