David is a 68-year-old man who works at a grocery store in Swellendam. ANNEXURE A shows an extract of David's Bank Statement for the period 1 November 2022 to 1 December 2022. Some amounts have been omitted. Use ANNEXURE A to answer the questions that follow. 2.1.1 Write down the type of account David has. 2.1.2 Determine the total amount paid for service fees (##). 2.1.3 David's net salary paid into his account is labelled A. He has two insurance policies. David stated that his total monthly payments for insurance is more than 1 of his net salary. Verify, showing ALL calculations, if his statement is CORRECT. 2.1.4 The fixed monthly service fee of R110,00 on 30/11/2022 includes VAT of 15%. The same service fee, excluding VAT, was charged on 30/11/2017. Determine the service fee, including VAT, that would have been paid on 30/11/2017.

NSC Mathematical Literacy Banking, interest and tax: David is a 68-year-old man who w

David is a 68-year-old man who works at a grocery store in Swellendam - NSC Mathematical Literacy - Question 2 - 2023 - Paper 1

Question 2

David is a 68-year-old man who works at a grocery store in Swellendam. ANNEXURE A shows an extract of David's Bank Statement for the period 1 November 2022 to 1 Dec... show full transcript

Worked Solution & Example Answer:David is a 68-year-old man who works at a grocery store in Swellendam - NSC Mathematical Literacy - Question 2 - 2023 - Paper 1

Step 1

Write down the type of account David has

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Answer

David has a cheque account.

Step 2

Determine the total amount paid for service fees (##)

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Answer

The total fees paid by David is the sum of the service fees listed in the bank statement. This includes the monthly service fee of R110.00 and any other service fees applied.

Step 3

David's net salary paid into his account is labelled A

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Answer

David's net salary is R7,978.00, which is the amount deposited into his account.

Step 4

Verify, showing ALL calculations, if his statement is CORRECT

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Answer

To verify whether David's statement on monthly insurance is correct, calculate:

Total monthly insurance amounts to R940.30.
David's net salary is R7,978.00, thus:

$ext{Threshold} = rac{R940.30}{R7,978.00} imes 100 = 11.78\\%$

Given that this percentage is more than 1/12 of R7,978.00, which implies he pays more than his net salary portion for insurance. Hence, his statement is incorrect.

Step 5

The fixed monthly service fee of R110,00 on 30/11/2022 includes VAT of 15%

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Answer

To find the amount excluding VAT, use the formula:

$ext{Amount excluding VAT} = rac{R110.00}{1 + rac{15}{100}} = R95.65$

Thus, the amount excluding VAT is R95.65.

Step 6

Determine the service fee, including VAT, that would have been paid on 30/11/2017

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Answer

The service fee excluding VAT on 30/11/2017 was:

$R95.65 \\text{ while} \\text{ including VAT} = R95.65 imes 1.15 = R110.00$ .

David is a 68-year-old man who works at a grocery store in Swellendam - NSC Mathematical Literacy - Question 2 - 2023 - Paper 1

Worked Solution & Example Answer:David is a 68-year-old man who works at a grocery store in Swellendam - NSC Mathematical Literacy - Question 2 - 2023 - Paper 1

Write down the type of account David has

Determine the total amount paid for service fees (##)

David's net salary paid into his account is labelled A

Verify, showing ALL calculations, if his statement is CORRECT

The fixed monthly service fee of R110,00 on 30/11/2022 includes VAT of 15%

Determine the service fee, including VAT, that would have been paid on 30/11/2017

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