Account Statements (Grade 12 NSC Matric Mathematical Literacy): Flashcards

Monthly financial docs from stores offering credit accounts

Maximum amount you are allowed to owe the store

Amount you can still spend before reaching credit limit

Minimum amount you must pay each month

$\text{Opening} + \text{Purchases} - \text{Payments}$

$\text{Credit Limit} - \text{Current Amount Owed}$

14%

$\frac{\text{Total Amount}}{1.14}$

$\frac{\text{Total Amount}}{1.14} \times 14\%$

Divide annual rate by 12