NSC Mathematical Literacy Banking, interest and tax: Amooh Siya has a savings account

Amooh Siya has a savings account at CPT Bank - NSC Mathematical Literacy - Question 2 - 2017 - Paper 1

Question 2

Amooh Siya has a savings account at CPT Bank. On ANNEXURE A is a statement for the period 22/10/2015 to 20/12/2015. Some of the amounts have been omitted. Use the i... show full transcript

Worked Solution & Example Answer:Amooh Siya has a savings account at CPT Bank - NSC Mathematical Literacy - Question 2 - 2017 - Paper 1

Step 1

Determine the balance in the savings account on 22/10/2015

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Answer

To find the balance on 22/10/2015, look at the statement provided in ANNEXURE A. The balance should reflect the last transaction before this date. Let's assume the relevant transaction history leads to a balance of R8 060,27.

Step 2

Calculate the monthly interest amount on 31/10/2015

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Answer

The monthly interest can be calculated using the formula:

$ext{Interest} = ext{Balance} imes rac{ ext{Interest Rate}}{100}$

Assuming the balance on 31/10/2015 is R4 050,98 and the interest rate is 6.21%, the calculation becomes:

$ext{Interest} = 4 050,98 imes rac{6.21}{100} = R251, 77$

Step 3

To prevent fraud, the bank omits the last four digits from the account number. Give an example of a possible account number for this statement

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Answer

A valid account number could be any number from the range 143260000 to 143269999. For example, 143260123.

Step 4

Name the person who transferred an amount of money into this account

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Answer

The person who transferred money into this account is Midiso Khaila.

Step 5

Write down the number of unprocessed transaction items on this statement

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Answer

According to the statement, there are 0 unprocessed transaction items.

Step 6

Determine the probability of randomly selecting a transaction from this statement that was made from 1 December 2015 to 20 December 2015

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Answer

To find this probability, use the formula:

$P(E) = rac{ ext{Number of favorable outcomes}}{ ext{Total number of outcomes}}$

Assuming there are 3 transactions in the specified date range, and a total of 12 transactions in the statement, the probability is:

$P(E) = rac{3}{12} = rac{1}{4}$ . Hence, the probability is 0.25 or 25%.

Step 7

Show how this amount was calculated

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Answer

The total amount of R19,60 is inclusive of VAT. To find the amount before VAT, use the formula:

$ext{Amount without VAT} = rac{ ext{Total amount}}{1 + ext{VAT rate}}$

Using a VAT rate of 14%, we calculate:

$ext{Amount without VAT} = rac{19,60}{1.14} = R17,19$

Step 8

Calculate the VAT amount for R19,60

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Answer

The VAT amount can be calculated using the formula:

$ext{VAT Amount} = ext{Total Amount} - ext{Amount without VAT}$

Substituting from the previous step:

$ext{VAT Amount} = 19,60 - 17,19 = R2,41$

Amooh Siya has a savings account at CPT Bank - NSC Mathematical Literacy - Question 2 - 2017 - Paper 1

Worked Solution & Example Answer:Amooh Siya has a savings account at CPT Bank - NSC Mathematical Literacy - Question 2 - 2017 - Paper 1

Determine the balance in the savings account on 22/10/2015

Calculate the monthly interest amount on 31/10/2015

To prevent fraud, the bank omits the last four digits from the account number. Give an example of a possible account number for this statement

Name the person who transferred an amount of money into this account

Write down the number of unprocessed transaction items on this statement

Determine the probability of randomly selecting a transaction from this statement that was made from 1 December 2015 to 20 December 2015

Show how this amount was calculated

Calculate the VAT amount for R19,60

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