of Sandi's friends decide to do an EFT payment into her bank account.

1. What does the abbreviation EFT stand for?

2. Give TWO reasons why an EFT payment is such a popular transaction.

One of the friends decides to withdraw cash from an ATM. The cost of the withdrawal is R1.10 for every R100 or part thereof.

3. How much will it cost Sandi's friend to withdraw R250?

Sandi estimates that she spent about 18 minutes on her phone to organize the party. Sandi's service provider charges R1.20 per minute for phone calls.

4. How much money did she spend on phone calls?

EFT stands for Electronic Funds Transfer. An EFT payment is a popular transaction method for two main reasons: it is convenient, allowing for quick and secure money transfers without the need for physical cash, and it reduces the risk associated with carrying large amounts of money.

To calculate the cost of withdrawing R250 at R1,10 for every R100, or part thereof, divide R250 by R100, which equals 2.5. Multiply this by R1,10 to get the total cost of R2,75.

To find out how much Sandi spent on phone calls, multiply the call duration of 18 minutes by the cost per minute of R1,20, giving a total expenditure of R21,60.

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