Banking, Loans, and Investments
Informal Test

1.1
Study the following bank statement and answer the questions that follow:

\begin{tabular}{|c|c|c|c|c|}
\hline
\multicolumn{5}{|c|}{Bank Statement} \\
\hline
DATE & DESCRIPTION & DEBIT & CREDIT & BALANCE \\
\hline
Brought forward & & & & 2678.016 \\
\hline
[tex]$2016-11-04$[/tex] & Monthly account fee & R 3350 & & \\
\hline
[tex]$2016-11-07$[/tex] & Medical aid & R 550.00 & & \\
\hline
[tex]$2016-11-11$[/tex] & Cash Deposit & & R 240.00 & A \\
\hline
[tex]$2016-11-14$[/tex] & ATM-Spargo & R 150 & & \\
\hline
[tex]$2016-11-20$[/tex] & MD Electronics & R 300 & & \\
\hline
[tex]$2016-11-22$[/tex] & Faniswa's bursary payment & & R 5800.00 & \\
\hline
[tex]$2016-11-24$[/tex] & Carried forward & & & \\
\hline
\end{tabular}

1.1.1 Write down the amount brought forward in words.

1.1.2 How much did Faniswa's bursary fund deposit in the account?

1.1.3 Debit is an act of taking money out of one's account. Credit is an entry in an account that shows the payment has been made. Use the information above to calculate [tex]$A$[/tex].

Cash deposit fees:

- At an ATM: [tex]$R 1.80 + 1.20\%$[/tex] of the value.
- At a branch: [tex]$R 8.00 + 1.50\%$[/tex] of the value.

Verify this statement.



Answer :

### Step-by-Step Solution

#### Question 1.1.1
Write down the amount brought forward in words.

The amount brought forward is 2,678,016.

Answer:
Two million six hundred seventy-eight thousand sixteen.

#### Question 1.1.2
How much did Funiswa's bursary fund deposit in the account?

From the bank statement, on the date 2016-11-22, it is recorded as:
- Funiswa's bursary payment: R 5800.00

Answer:
The bursary fund deposited R 5800.

#### Question 1.1.3
Calculate [tex]\( A \)[/tex] for a cash deposit at ATM and verify the statement:

Given:
- Cash deposit at ATM: R 240
- ATM deposit fee: R 0.80 + 1.20% of the deposit value

First, calculate the fee for depositing cash at the ATM:
[tex]\[ \text{Cash deposit fee} = R 0.80 + \left(1.20\% \times R 240\right) \][/tex]
[tex]\[ \text{Cash deposit fee} = R 0.80 + \left(\frac{1.20}{100} \times 240\right) \][/tex]
[tex]\[ \text{Cash deposit fee} = R 0.80 + R 2.88 \][/tex]
[tex]\[ \text{Cash deposit fee} = R 3.68 \][/tex]

Based on this total fee, the amount actually deposited (verifying [tex]\( A \)[/tex]) after subtracting the fee:
[tex]\[ A = \text{Cash deposit} - \text{Cash deposit fee} \][/tex]
[tex]\[ A = R 240 - R 3.68 \][/tex]
[tex]\[ A = R 236.32 \][/tex]

Answer:
The cash deposit fee is R 3.68 and the amount credited after the fee is R 236.32.