Banking (Grade 11 NSC Matric Mathematical Literacy): Flashcards
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10 cards from this deck
Transactional account purpose
Transactional account purpose
Everyday banking activities like deposits, withdrawals, payments
Fixed deposit account purpose
Fixed deposit account purpose
Investment account where money is left to grow with interest
When interest calculated for transactional accounts
When interest calculated for transactional accounts
At end of every day based on that day's balance
When interest calculated for fixed deposit accounts
When interest calculated for fixed deposit accounts
On balance at start of month × number of days in month
Hire purchase agreement definition
Hire purchase agreement definition
Buying a specific item through monthly payments, not upfront
Loan agreement definition
Loan agreement definition
Borrowing a specific amount of money to repay with interest
Deposit in credit agreements
Deposit in credit agreements
Upfront payment showing commitment, reduces amount to finance
Total cost includes
Total cost includes
Deposit + all monthly payments + fees
Bank fee Structure 1 formula
Bank fee Structure 1 formula
Fixed amount + (percentage × transaction value)
Bank fee Structure 2 key feature
Bank fee Structure 2 key feature
Same as Structure 1 but has a maximum fee cap