NSC Mathematical Literacy Financial documents: Bank's send out transaction stat

Question

Bank's send out transaction statements to their clients periodically.
An extract from the bank statement of an account at BBC Bank and TABLE 1, showing the 2016 pricing guide for transactions at the bank, is shown in ANNEXURE A.

Use ANNEXURE A to answer the questions that follow.

1.1 Define the term credit, as used in the bank statement.

1.1.2 Interpret the minus sign (−) used with the two balance amounts.

1.1.3 Calculate the missing value A.

1.1.4 Determine the total salary deposits for this statement.

1.1.5 1 February 2016 was a Monday.

1.1.6 Determine the number of week days (excluding weekends) covered by the period in the bank statement.

1.1.7 Calculate the cash withdrawal fee for an amount of R5 490.00 that was withdrawn at an ATM of another bank.

1.1.8 State whether the debit order made on 15 February 2016 was internal or external.

1.2 BBC Bank has two different interest rates for fixed deposits, depending on the amount of money invested. TABLE 2 below shows the annual interest rates for different amounts invested.

Use TABLE 2 above to answer the questions that follow.

1.2.1 Mr Simmons invested R9 500.00 on 1 January 2015 in a BBC bank account.
Show that the final amount in his account will be R10 108 after one year.

1.2.2 Mr Simmons reinvested the amount of R10 108 for a further six months.
Hence, determine the final amount in his account at the end of the six months.

1.3 The owner of a small business employs domestic workers.
TABLE 3 shows the minimum wages for domestic workers employed.

Use TABLE 3 above to answer the questions that follow.

1.3.1 Define the term inflation.

1.3.2 Use the minimum hourly rate to show that the minimum weekly rate in the table is for working 45 hours per week.

1.3.3 Determine the missing value B.
You may use the following formula:
Minimum monthly rate = r × w / 12 where r = minimum weekly rate w = number of weeks in a year

1.3.4 During November 2016 the company employed 15 domestic workers who each worked a total of 40 hours for five days.
(a) Calculate the total minimum wage EACH of these domestic workers should be paid for the five days.
(b) Determine the actual hourly rate for the workers as these domestic workers if each domestic worker received a total wage of R550.90.

Bank's send out transaction statements to their clients periodically - NSC Mathematical Literacy - Question 1 - 2017 - Paper 1

Worked Solution & Example Answer:Bank's send out transaction statements to their clients periodically - NSC Mathematical Literacy - Question 1 - 2017 - Paper 1

Define the term credit, as used in the bank statement.

Interpret the minus sign (−) used with the two balance amounts.

Calculate the missing value A.

Determine the total salary deposits for this statement.

Determine the number of week days (excluding weekends) covered by the period in the bank statement.

Calculate the cash withdrawal fee for an amount of R5 490.00 that was withdrawn at an ATM of another bank.

State whether the debit order made on 15 February 2016 was internal or external.

Mr Simmons invested R9 500.00 on 1 January 2015 in a BBC bank account. Show that the final amount in his account will be R10 108 after one year.

Hence, determine the final amount in his account at the end of the six months.

Define the term inflation.

Use the minimum hourly rate to show that the minimum weekly rate in the table is for working 45 hours per week.

Determine the missing value B.

Calculate the total minimum wage EACH of these domestic workers should be paid for the five days.

Determine the actual hourly rate for the workers as these domestic workers if each domestic worker received a total wage of R550.90.

Join the NSC students using SimpleStudy...