This business/management problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
ScanSolve AI Answer
Alright Mazindela — let's do this. 2.1 The monthly service fee for this account is the Monthly Account Fee. Monthly Account Fee = R55,00 2.2 Step 1: Calculate the cost for withdrawing R1000 at a Safe Bank ATM. According to Table 1, "Cash Withdrawals (Safe Bank ATM) First R1 500" costs R0,00. Cost for R1000 at Safe Bank ATM = R0,00 Step 2: Calculate the cost for withdrawing R3000 at an FNB ATM. An FNB ATM is an "Other bank ATM". According to Table 1, "Cash Withdrawals (Other bank ATM)" costs R15,00. Cost for R3000 at FNB ATM = R15,00 Step 3: Calculate the total charge. Total charge = R0,00 + R15,00 = R15,00 This calculation shows how Themba was charged R15,00. 2.3 Step 1: Identify the cost for the first R1 500 of a Safe Bank ATM withdrawal. According to Table 1, "Cash Withdrawals (Safe Bank ATM) First R1 500" costs R0,00. Cost for first R1 500 = R0,00 Step 2: Calculate the amount withdrawn that is more than R1 500. Amount over R1 500 = R1 730 - R1 500 = R230 Step 3: Calculate the number of R50 parts in the amount over R1 500. Number of R50 parts = R230R50 = 4.6 Since the fee is "per R50 (or part thereof)", 4.6 parts are rounded up to 5 parts. Number of R50 parts (rounded up) = 5 Step 4: Calculate the cost for the amount over R1 500. According to Table 1, for amounts "More than R1 500" at a Safe Bank ATM, the fee is R15,00 + R1,20 per R50 (or part thereof). Cost for amount over R1 500 = R15,00 + (5 × R1,20) Cost for amount over R1 500 = R15,00 + R6,00 = R21,00 Step 5: Calculate the total cost of the withdrawal. Total cost = Cost for first R1 500 + Cost for amount over R1 500 Total cost = R0,00 + R21,00 = R21,00 2.4 Step 1: Identify the Monthly Account Fee. Monthly Account Fee = R55,00 Step 2: Identify the cost for Cash Withdrawals (Other bank ATM). Cash Withdrawals (Other bank ATM) = R15,00 Step 3: Calculate the difference between these two fees. Difference = Monthly Account Fee - Cash Withdrawals (Other bank ATM) Difference = R55,00 - R15,00 = R40,00 Step 4: Verify Themba's claim. Themba claims the difference is R14. Our calculation shows the difference is R40,00. Therefore, Themba's claim is incorrect. What's next?