Answer :
Let's break this down step by step, addressing each part of the problem.
### (i) What would a Peanut client with an Al credit card pay in bank charges to withdraw R1 000 from a Peanut ATM?
To find out what a Peanut client with an Al credit card would pay to withdraw R1,000 from a Peanut ATM, we need to refer to the withdrawal fee structure for a Peanut ATM with an A1 credit card:
- For withdrawals up to R500, the charge is R5.75 + R5.50.
- For withdrawals between R500 and R1,000, the charge is R5.75 + R11.00.
- For withdrawals above R1,000, the charge is R5.75 + R16.50.
Since R1,000 is within the range of R500 and R1,000, the charge is [tex]\(R5.75 + R11.00\)[/tex].
Calculation:
[tex]\[ R5.75 + R11.00 = R16.75 \][/tex]
Thus, a Peanut client with an Al credit card would pay R16.75 to withdraw R1,000 from a Peanut ATM.
### (ii) What will a Peanut client with an A1 credit card pay in bank charges to withdraw R1,000 from another bank's ATM?
For withdrawals from another bank's ATM, the fee structure is:
- For withdrawals up to R500, the charge is R5.75 + R5.50.
- For withdrawals between R500 and R1,000, the charge is R5.75 + R11.00.
- For withdrawals above R1,000, the charge is R5.75 + R16.50.
Since R1,000 is within the range of R500 and R1,000, the charge is [tex]\(R5.75 + R11.00\)[/tex].
Calculation:
[tex]\[ R5.75 + R11.00 = R16.75 \][/tex]
Thus, a Peanut client with an A1 credit card would pay R16.75 to withdraw R1,000 from another bank's ATM.
### (iii) Use this information to complete the table below:
We need to fill in the table for the given withdrawal amounts (R0, R50, R250, R500, R1000, R1500) based on the fees for using an own bank branch.
The formula provided is [tex]\( R23.50 + 1.1\% \)[/tex] of the withdrawn amount, with a maximum fee capped at R1,500.
[tex]\[ \begin{tabular}{|c|c|c|c|c|c|c|} \hline \text{Amount of money to} & R 0 & R 50 & R 250 & R 500 & R 1,000 & R 1,500 \\ \text{be withdrawn} & & & & & & \\ \hline \text{Bank charge} & R 23.50 & R 24.05 & R 26.25 & R 29.00 & R 34.50 & R 40.00 \\ \hline \end{tabular} \][/tex]
### Explanation of the Calculations:
1. For R0:
[tex]\[ R23.50 + 0\% \times R0 = R23.50 \][/tex]
2. For R50:
[tex]\[ R23.50 + 0.011 \times R50 = R23.50 + R0.55 = R24.05 \][/tex]
3. For R250:
[tex]\[ R23.50 + 0.011 \times R250 = R23.50 + R2.75 = R26.25 \][/tex]
4. For R500:
[tex]\[ R23.50 + 0.011 \times R500 = R23.50 + R5.50 = R29.00 \][/tex]
5. For R1,000:
[tex]\[ R23.50 + 0.011 \times R1,000 = R23.50 + R11.00 = R34.50 \][/tex]
6. For R1,500:
[tex]\[ R23.50 + 0.011 \times R1,500 = R23.50 + R16.50 = R40.00 \][/tex]
The maximum fee cap of R1,500 is not relevant for the given amounts as it only affects much larger withdrawals.
### (iv) Drawing a Graph:
To illustrate how Peanut Bank structures their charges for cash withdrawals over-the-counter, we can plot the withdrawal amounts on the x-axis and the bank charges on the y-axis.
This graph will show an increasing linear relationship until it caps at maximum allowed fees for very large withdrawals.
Note:
Zandele should then compare the total costs based on her usual monthly withdrawal amounts on the current account vs. the potential new account to decide whether or not to switch. If the savings are significant, she might consider changing accounts.
In conclusion, based on the tables and given calculations, Zandele should analyze the frequency and amounts of her withdrawals to make an informed decision. If she frequently makes small withdrawals, she might not see substantial savings, but substantial or frequent withdrawals could justify changing accounts.
### (i) What would a Peanut client with an Al credit card pay in bank charges to withdraw R1 000 from a Peanut ATM?
To find out what a Peanut client with an Al credit card would pay to withdraw R1,000 from a Peanut ATM, we need to refer to the withdrawal fee structure for a Peanut ATM with an A1 credit card:
- For withdrawals up to R500, the charge is R5.75 + R5.50.
- For withdrawals between R500 and R1,000, the charge is R5.75 + R11.00.
- For withdrawals above R1,000, the charge is R5.75 + R16.50.
Since R1,000 is within the range of R500 and R1,000, the charge is [tex]\(R5.75 + R11.00\)[/tex].
Calculation:
[tex]\[ R5.75 + R11.00 = R16.75 \][/tex]
Thus, a Peanut client with an Al credit card would pay R16.75 to withdraw R1,000 from a Peanut ATM.
### (ii) What will a Peanut client with an A1 credit card pay in bank charges to withdraw R1,000 from another bank's ATM?
For withdrawals from another bank's ATM, the fee structure is:
- For withdrawals up to R500, the charge is R5.75 + R5.50.
- For withdrawals between R500 and R1,000, the charge is R5.75 + R11.00.
- For withdrawals above R1,000, the charge is R5.75 + R16.50.
Since R1,000 is within the range of R500 and R1,000, the charge is [tex]\(R5.75 + R11.00\)[/tex].
Calculation:
[tex]\[ R5.75 + R11.00 = R16.75 \][/tex]
Thus, a Peanut client with an A1 credit card would pay R16.75 to withdraw R1,000 from another bank's ATM.
### (iii) Use this information to complete the table below:
We need to fill in the table for the given withdrawal amounts (R0, R50, R250, R500, R1000, R1500) based on the fees for using an own bank branch.
The formula provided is [tex]\( R23.50 + 1.1\% \)[/tex] of the withdrawn amount, with a maximum fee capped at R1,500.
[tex]\[ \begin{tabular}{|c|c|c|c|c|c|c|} \hline \text{Amount of money to} & R 0 & R 50 & R 250 & R 500 & R 1,000 & R 1,500 \\ \text{be withdrawn} & & & & & & \\ \hline \text{Bank charge} & R 23.50 & R 24.05 & R 26.25 & R 29.00 & R 34.50 & R 40.00 \\ \hline \end{tabular} \][/tex]
### Explanation of the Calculations:
1. For R0:
[tex]\[ R23.50 + 0\% \times R0 = R23.50 \][/tex]
2. For R50:
[tex]\[ R23.50 + 0.011 \times R50 = R23.50 + R0.55 = R24.05 \][/tex]
3. For R250:
[tex]\[ R23.50 + 0.011 \times R250 = R23.50 + R2.75 = R26.25 \][/tex]
4. For R500:
[tex]\[ R23.50 + 0.011 \times R500 = R23.50 + R5.50 = R29.00 \][/tex]
5. For R1,000:
[tex]\[ R23.50 + 0.011 \times R1,000 = R23.50 + R11.00 = R34.50 \][/tex]
6. For R1,500:
[tex]\[ R23.50 + 0.011 \times R1,500 = R23.50 + R16.50 = R40.00 \][/tex]
The maximum fee cap of R1,500 is not relevant for the given amounts as it only affects much larger withdrawals.
### (iv) Drawing a Graph:
To illustrate how Peanut Bank structures their charges for cash withdrawals over-the-counter, we can plot the withdrawal amounts on the x-axis and the bank charges on the y-axis.
This graph will show an increasing linear relationship until it caps at maximum allowed fees for very large withdrawals.
Note:
Zandele should then compare the total costs based on her usual monthly withdrawal amounts on the current account vs. the potential new account to decide whether or not to switch. If the savings are significant, she might consider changing accounts.
In conclusion, based on the tables and given calculations, Zandele should analyze the frequency and amounts of her withdrawals to make an informed decision. If she frequently makes small withdrawals, she might not see substantial savings, but substantial or frequent withdrawals could justify changing accounts.
