3.1 Explain the meaning of the term "debit" in the above statement. (2 points)

3.2 Show how the amount of R6,636.03 on the statement was calculated. (2 points)

3.3 Peter wants to save 16% of his closing balance this month. Calculate how much he can save. (3 points)

3.4 Identify the transaction that occurred on 06/04/2020 and write down the amount. (2 points)

3.5 Peter claims that the difference between the total amount of debits and deposits is less than R14,000. Verify using calculations if his claim is correct. (5 points)

Question

05-08-2024
Business

Answered

3.1 Explain the meaning of the term "debit" in the above statement. (2 points)

3.2 Show how the amount of R6,636.03 on the statement was calculated. (2 points)

3.3 Peter wants to save 16% of his closing balance this month. Calculate how much he can save. (3 points)

3.4 Identify the transaction that occurred on 06/04/2020 and write down the amount. (2 points)

3.5 Peter claims that the difference between the total amount of debits and deposits is less than R14,000. Verify using calculations if his claim is correct. (5 points)

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-08-05T13:35:38-04:00

### 3.1 Explain the meaning of the term "debit" in the above statement. (2)

In the context of banking and financial transactions, the term "debit" refers to any transaction that results in the removal or withdrawal of funds from an account. In other words, a debit decreases the account balance.

### 3.2 Show how the amount of R6 636,03 on the statement was calculated. (2)

The amount of R6 636,03 was calculated as the sum of all the debits made from the account. The debits consisted of four transactions: R1 000, R1 500, R2 000, and R2 136,03. Adding these together gives:

[tex]\[ R 1 000 + R 1 500 + R 2 000 + R 2 136,03 = R 6 636,03 \][/tex]

### 3.3 Peter wants to save 16% of his closing balance this month. Calculate how much he can save. (3)

To find out how much Peter can save, we need to calculate 16% of his closing balance. The closing balance is R6 636,03. The saving percentage is 16%.

So, the amount Peter can save is:

[tex]\[ R 6 636,03 \times 0.16 = R 1 061,7648 \][/tex]

Therefore, Peter can save approximately R 1 061,76.

### 3.4 Identify the transaction that occurred on the 06/04/2020 and write down the amount. (2)

The transaction that occurred on 06/04/2020 was a debit transaction. The amount for this transaction was R2 136,03.

### 3.5 Peter claims that the difference between the total amount of the debits and deposits are less than R14 000. Verify using calculations, if his claim is correct. (5)

To verify Peter's claim, we first need to calculate the total amount of the deposits and the total amount of the debits, then find their difference:

1. The total amount of the debits is the sum of four transactions: R1 000, R1 500, R2 000, and R2 136,03.

[tex]\[ R 1 000 + R 1 500 + R 2 000 + R2 136,03 = R 6 636,03 \][/tex]

2. The total amount of the deposits is the sum of three transactions: R5 000, R3 000, and R8 000.

[tex]\[ R 5 000 + R 3 000 + R 8 000 = R 16 000 \][/tex]

3. The difference between the total deposits and the total debits:

[tex]\[ R 16 000 - R 6 636,03 = R 9 363,97 \][/tex]

Since R9 363,97 is less than R14 000, Peter's claim is correct.