All right, in this lesson, we are going to review all of the information from the first four lessons. If you want to follow along with your notes, and again, you just pause the video when you need to work on these. I'm going to continue to record all the way through, so pause at will. All right, here we go. So one of the first things we did in the first lesson is we practiced converting percentages into decimals.
I want to make sure that you understand how to do that. There are five listed on your notes. When you have finished doing those, start the video again, and I will go through the answers with you.
So we want to make sure that when we're converting percentages into decimals, which we work with decimals a lot in your daily life, that you are making sure that you are moving that decimal two places to the left each time. So 14% becomes 0.14, 86% becomes 0.86. 110% becomes 1.10, 7%, you got to fill that extra zero, that empty space there, 0.07, and 0.6%, 0.006. So make sure you double check your answers with mine to see if they match up. One of the things we talked about was shopping.
and how you use percentages, convert those percentages into decimals to figure out sale prices, how much money you're saving, that sort of thing. And there were two methods that I showed you. The choice one method has three steps to it. Convert the percentage into a decimal, multiply the price by the decimal, and then take the original price and subtract what you got for step two. Now in step two, when you multiply the price by the decimal, that is not the price of the item.
That is the amount of money that you are saving on that item. So let's practice with this one. Deon sees a new 50-inch TV on sale for 20% off. The original price is $559.
What is going to be the new price of the TV? After going through those three steps, you should end up with this. You convert 20% into 0.20.
Take the original price of the TV, $559 times 0.20, and you get $111.80 savings, which is really wonderful. But remember, that is not the price of the TV. So then the last step then is to take $559 and just subtract the $111.80.
The final price of the TV then would be $447.20. Now, doing that choice one method one more time. Those three steps up top there for you. Reagan is looking to buy tickets for an upcoming concert for she and her friend. The cost per ticket is $40, but there's a sale going on that for every ticket purchased, you can get another for 15% off.
What will be the total price of the tickets? Now, one thing to remember about this before you start is that one ticket will be $40. It says here that one of the tickets is 15% off, but the other ticket is still $40. Once you figure out your answer, make sure that you add $40 for the regular price ticket to get the total price of both tickets. Go ahead and work through this problem.
And then when you're ready, I'm going to go through the answer. A couple things here. Make sure that you convert the percentage into a decimal. Find the savings for the one sale price ticket. So 40 times.
0.15 is $6 savings off the one ticket. You can figure out that price would be $34 for the sale price ticket plus $40 for the regular price ticket. The total price for both tickets is going to be $74.
Just enough money maybe to buy a soda or something at the concert, but that's about it with that $6 savings. Another method I showed you, and this, like I said, is my preferred method when I shop. It's just one less step for me to do is to subtract the percentage from 100 and convert that to a decimal and then take the original price and multiply it by what you get for the decimal you got for step one.
What this eliminates is that middle part. It doesn't show me how much money I'm saving, but it does take me right to the sale price right away. Let's use this scenario.
Bryce found a deal on airline tickets to go see the Grand Canyon. The original price of the ticket is $399, but it is on sale for 15% off. What is going to be the new price of the tickets? Go ahead and work through this, and then when you're ready, play the video again.
If I do step one where I subtract the percentage from 100, I get 85%. And then I'm going to convert that into a decimal 0.85. And then all I have to do is take the price of the tickets times 0.85. And I end up with $339.15.
When I'm shopping, this is generally the method I use. It's not always the preferred method. But at least you are equipped with two different ways to figure out sale prices. That's what we covered in the first lesson. In the second lesson, we were talking about interest and how credit card interest can be alarming.
And in this scenario right here, we have someone using a MasterCard and the interest per month is 5%. Remember, interest gets added on if you do not have a $0 balance at the end of the month when you pay your bill, not end of the month or whenever you get your bill. Someone purchased $125 of Shield Sports, and this is what it looks like. So if this person can only pay a $30 payment, let's say it's a minimum payment, you would subtract that $30 from $125 and get $95. Then you would multiply this times the 0.05, because if there is an outstanding balance, then the credit card company gets to charge you interest.
That calculation would be $4.75. So you add... the outstanding balance and the interest in order to get your ending balance of $99.75. So even though you made a $30 payment, really the payment only went down about $25 or the ending balance went down about $25 because of that added interest. Now we're going to work through a couple of these.
Month two, let's try this one first. This might be the only one on your notes. I want you to finish these three boxes here with the outstanding balance, the interest, and the ending balance there. And I want you to go through and calculate that.
And then when you're ready, I will pop up the answers. All right. $99.95 was the carryover balance. If you subtract the $30 payment. Then you end up with an outstanding balance here of $69.75.
Because there is an outstanding balance, you want to multiply that by the interest rate, 0.05. And you end up with this log number on your calculator. With this decimal here, 3.4875, you want to look, when you're working with money, you want to look at the third number past the decimal.
If that number is five or higher, we round up. So instead of $0.48. the interest would actually be $3.49. Popping that $3.49 in there, your last step then is to add the outstanding balance and the interest together, and you end up with an ending balance of $73.24.
Slowly, that amount is going down. Now, if you make a bigger payment, that will, you'll pay it off quicker, and you'll... Pay less in interest overall. Whenever you can, please don't pay just the minimum payment.
Always pay as much as you can or just don't use a credit card unless you absolutely have to. The next one we're doing here is the check writing practice. It says here that you need to write a check to your friend for paying for your dinner, which was $23.96, and for movie tickets, which were $15. I want you to date the check September 30th and write something in the memo.
Now, when you're ready, I'm going to pop mine up. Mine's going to look a little different because I'm just choosing some random name on here, but our amounts should match up. Make sure in the check date section that you always have a day, month, and year in there. Paid to the order is your friend's name.
Make sure it's a first and last name. I just made up one on here. And then if you added up both those amounts, it should have come to $38.96. And remember, when writing that out, you use the number first before the decimal.
That's 38. The decimal is the word and. And then the number of cents out of 100 cents, 38 and 96 over 100. Draw that security line in there. Put something in the memo and then make sure that you have your signature on there. So this is what your check should look like. Remember, you don't need to write the word dollars because dollars is already written on the check.
And trust me, when you're writing big checks, like in the thousands, you don't want to be like $2,000 and there's no room to write all of that on there. The next thing we worked on was filling out a deposit slip. Remember, a deposit slip is a way for you to get your money into your bank account.
And so it's really important that you do this process and understand how to do it instead of holding up the line at the bank. Or if you want to go to the drive-thru, you're going to hold up the line there too. If you're making the teller do that, that is really not their job.
That is for you to do and to be ready to do that as soon as you get to the bank. I'm assuming it has $189 in cash, a $40 check, a $45 check, and they want $74 cash back. So go ahead and put these in, and then when you're ready, you can check mine.
Putting the $189 in the boxes in the top row, I'm going to list each check separately. There's the $40 check, and there's the $45 check. Now I'm going to skip that next row because I don't have a third check and I don't have a total from the other side. I didn't list a bunch of checks on the other side.
So I'm going to skip that and go right to the subtotal, which is $274. I'm a student, want $74 cash back, maybe out of that $189, they couldn't break up the bills or anything like that. And then so you would subtract that. By doing less cash, you're telling each other, I have this money, but please give me $74 back that I can put in my pocket, my wallet, my purse, whatever. And that means that in this account, $200 is going to be deposited, not the full $274.
That's a deposit slip. That's how you get your money into your bank so that you can use your debit card or, you know, put money in savings account, whatever you want to do. This is how you get your money into your bank account. The last thing that we worked on was balancing a bank register.
And you have a bank register on your notes, and I want you to go through and fill this out. You are going to start in the upper right-hand corner with a balance of $134.89. Make sure that you're skipping lines.
Make sure that you're adding and subtracting carefully on there. And I thought I'd put a little funny on number five. If you have a job, we get to this in another lesson, but they are going to take out taxes.
We're going to pretend that Brandon doesn't have any taxes taken out, which is absurd. But go through each of those steps, two, three, four, and five, and fill out your bank register. When you're done with that, I'm going to flip the screen and I'm going to show you what the bank register should look like. Your filled out bank register should look like this. You're going to start with your balance in the upper right hand corner.
corner, $134.89. And Brandon wrote a check for a hundred and wrote check number 103 on November 1st to Anytown Salon for $26. You would subtract that amount.
You would end up with $108.89. Skip a line. Brandon wrote a check again.
Brandon's writing checks left and right here. And whatever you put in the transactions, totally fine. I just thought I'd be cute today and put mommy dearest. You can put mom in there and mom's name doesn't matter.
wrote a check to mom for $25. That would leave a balance of $83.89. Then Brandon decided to go to the ATM on November 4th, withdrew $40 cash. That brings the total down to $43.89.
And on the 5th, Brandon got paid. You could put deposit, you could put payday, paycheck, whatever you want in the transaction. And then make sure that that number is in the deposit column instead, dollars on one side, cents on the other.
And you end up there, if you add the $180, $223.89. I'm really hoping that this review kind of helps you to understand things like converting percentages into decimals, how to shop, how to write out checks, understanding interest, and filling out a deposit slip.