NSC Mathematical Literacy Banking, interest and tax: Katlego is employed at a school

Question

Katlego is employed at a school by the Presidential Youth Employment Initiative (PYEI). He earns a salary of R4 000 per month.

He presently has a NEDBANK Pay-as-you-use Account but is thinking of changing to a CAPITEC Global One Account.

TABLE 3 shows the transactional fees for the two banks.

Use TABLE 3 and the above information to answer the questions that follow.

4.1.1 Give ONE reason why banks charge more for branch deposits than ATM deposits.

4.1.2 Determine the difference in cost of an external debit order using a Nedbank Pay-as-you-use account and a Capitec Global One account.

4.1.3 Katlego had the following monthly transactions on his bank statement:

- Two external debit orders
- One cash withdrawal of R1 500 at own bank ATM
- One cash withdrawal of R450 at another bank ATM
- One Send cash transaction of R1 500 to the bank.

The CAPITEC banking fees for the listed transactions are R45,00.

Katlego states that he would have saved R20,50 on bank fees if he banked with CAPITEC rather than NEDBANK.

Verify, showing all calculations, whether Katlego's statement is VALID.

Katlego is employed at a school by the Presidential Youth Employment Initiative (PYEI) - NSC Mathematical Literacy - Question 4 - 2023 - Paper 1

Worked Solution & Example Answer:Katlego is employed at a school by the Presidential Youth Employment Initiative (PYEI) - NSC Mathematical Literacy - Question 4 - 2023 - Paper 1

4.1.1 Give ONE reason why banks charge more for branch deposits than ATM deposits.

4.1.2 Determine the difference in cost of an external debit order using a Nedbank Pay-as-you-use account and a Capitec Global One account.

4.1.3 Katlego had the following monthly transactions on his bank statement:

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