ANNEXURE A shows a revolving credit loan taken out from Woolworths Financial Services. NOTE: A revolving credit plan is a loan where a person can re-use all or part of the money that has been paid back towards the loan without applying for it again. Use ANNEXURE A to answer the questions that follow. 1.1.1 Identify the borrower of the revolving credit loan. 1.1.2 Write down the amount available on the statement. 1.1.3 Write down the number of statements the borrower will receive in ONE year. 1.1.4 Explain the term debit order. 1.1.5 Calculate the number of days from the statement date to the payment due date. 1.1.6 Calculate the closing balance (A) of the loan taken on 29/04/2016.

NSC Mathematical Literacy Financial documents: ANNEXURE A shows a revolving cre

ANNEXURE A shows a revolving credit loan taken out from Woolworths Financial Services - NSC Mathematical Literacy - Question 1 - 2019 - Paper 1

Question 1

ANNEXURE A shows a revolving credit loan taken out from Woolworths Financial Services. NOTE: A revolving credit plan is a loan where a person can re-use all or part... show full transcript

Worked Solution & Example Answer:ANNEXURE A shows a revolving credit loan taken out from Woolworths Financial Services - NSC Mathematical Literacy - Question 1 - 2019 - Paper 1

Step 1

Identify the borrower of the revolving credit loan.

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Answer

The borrower of the revolving credit loan is Susan Visser, as indicated in the annexure.

Step 2

Write down the amount available on the statement.

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Answer

The amount available on the statement is R548,37.

Step 3

Write down the number of statements the borrower will receive in ONE year.

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Answer

The borrower will receive 12 statements in one year.

Step 4

Explain the term debit order.

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Answer

A debit order is an arrangement where a third party can collect money directly from your bank account on a regular basis, typically used for subscriptions or loan payments.

Step 5

Calculate the number of days from the statement date to the payment due date.

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Answer

The number of days from the statement date to the payment due date is calculated as follows:

From the statement date to the due date, the duration is 2 days (e.g., if the statement date is on June 1st and the payment is due on June 3rd).

Step 6

Calculate the closing balance (A) of the loan taken on 29/04/2016.

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Answer

To calculate the closing balance (A), we use the formula:

$A = R6 859,99 + R144,04 - R221,89$

Thus, the closing balance A is calculated to be R6 782,14.

ANNEXURE A shows a revolving credit loan taken out from Woolworths Financial Services - NSC Mathematical Literacy - Question 1 - 2019 - Paper 1

Worked Solution & Example Answer:ANNEXURE A shows a revolving credit loan taken out from Woolworths Financial Services - NSC Mathematical Literacy - Question 1 - 2019 - Paper 1

Identify the borrower of the revolving credit loan.

Write down the amount available on the statement.

Write down the number of statements the borrower will receive in ONE year.

Explain the term debit order.

Calculate the number of days from the statement date to the payment due date.

Calculate the closing balance (A) of the loan taken on 29/04/2016.

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