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3.1 Sekhukhune College Banking Transactions with ABSA Bank

Below are the deposit fees charged to customers:

\begin{tabular}{|l|l|}
\hline
Cash deposit at ATM & R1.70 per R100 (or part thereof) \\
\hline
Cash deposit at Branch & R1.98 per R100 (or part thereof) \\
\hline
Cheque deposit at Branch or ATM & R23.50 \\
\hline
\end{tabular}

Note: ATM - Auto Teller Machine

During the month of October, the College made the following transactions:
- 2 cash deposits of R16,500.00 each at their local Branch
- 1 cash deposit of R4,500.00 at an ATM
- 2 cheque deposits of R20,000.00 each

Tasks:
1. Calculate the total amount deposited during the month of October.
2. Calculate the bank charges on the R4,500.00 deposit at the ATM.
3. Mention ONE advantage of using an ATM.



Answer :

GinnyAnswer
Sure, let's solve these problems step-by-step:

### 3.1.1 Calculate the total amount deposited during the month of October.

To find the total amount deposited during October, we need to sum all the individual deposits:

1. Two cash deposits of R16,500.00 each at their local branch:
- First cash deposit: R16,500.00
- Second cash deposit: R16,500.00
2. One cash deposit of R4,500.00 at the ATM:
- ATM cash deposit: R4,500.00
3. Two cheque deposits of R20,000.00 each:
- First cheque deposit: R20,000.00
- Second cheque deposit: R20,000.00

Now, summing all these amounts:

[tex]\[ \text{Total deposited} = R16,500.00 + R16,500.00 + R4,500.00 + R20,000.00 + R20,000.00 = R77,500.00 \][/tex]

So, the total amount deposited during the month of October is [tex]\( \text{R77,500.00} \)[/tex].

### 3.1.2 Calculate the bank charges on the R4,500.00 deposit at the ATM.

To calculate the bank charges for the R4,500.00 deposit at the ATM, we use the fee rate of R1.70 per R100 (or part thereof).

1. First, determine how many R100 units are in R4,500. Since it's charged per R100 or part thereof, any fraction of R100 is considered a full R100.

Therefore, we need to calculate:

[tex]\[ \frac{4500}{100} = 45 \][/tex]

Since no rounding is needed (it perfectly divides), we have 45 parts of R100.

2. Next, multiply the number of R100 units by the fee per unit:

[tex]\[ \text{ATM deposit fee} = 45 \times R1.70 = R76.50 \][/tex]

So, the bank charges on the R4,500.00 deposit at the ATM are [tex]\( \text{R76.50} \)[/tex].

### 3.1.3 Mention ONE advantage of using an ATM.

One significant advantage of using an ATM is the convenience it offers by avoiding the long queues often found in branches. ATMs are typically available 24/7, allowing customers to make deposits and other transactions at any time, without the need to wait for the branch to open or stand in line.

Therefore, one advantage of using an ATM is the "Convenience of avoiding long queues found in branches."

By following these steps, you can effectively determine the total amount deposited, the ATM deposit charges, and recognize an advantage of using an ATM.

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