We read your photo as:

The monthly interest rate is given as 0.55\%. To find the annual rate, multiply the monthly rate by 12.

Economics

ScanSolve AI Answer

Step-by-step solution

17 steps

2.1
2.1.1 Determine the annual interest rate.

  1. The monthly interest rate is given as 0.55%0.55\%.

    To find the annual rate, multiply the monthly rate by 12.

    Annual Interest Rate=0.55%×12\text{Annual Interest Rate} = 0.55\% \times 12

  2. Calculate the product.

    Annual Interest Rate=6.6%\text{Annual Interest Rate} = 6.6\%

    The annual interest rate is 6.6%\boxed{6.6\%}.

    2.1.2 Calculate the interest earned at the end of the investment.

  3. Identify the principal amount (P), annual interest rate (r), and time (t).

    P=R12 000P = \text{R}12\,000 r=6.6%=0.066r = 6.6\% = 0.066 t=3 yearst = 3 \text{ years}

  4. Use the simple interest formula I=P×r×tI = P \times r \times t.

    I=R12 000×0.066×3I = \text{R}12\,000 \times 0.066 \times 3

  5. Calculate the interest.

    I=R792×3I = \text{R}792 \times 3 I=R2 376I = \text{R}2\,376

    The interest earned at the end of the investment is R2 376.00\boxed{\text{R}2\,376.00}.

    2.2
    2.2.1 Determine the bank balance at the end of business on the 6th of February 2025.

  6. Locate the date 06/02/2025 on the bank statement.

  7. Read the balance corresponding to that date.

    The balance on 06/02/2025 is R7 097.99\boxed{\text{R}7\,097.99}.

    2.2.2 Calculate the value of A and B on the bank statement.

    a) Calculate A:

  8. The balance before the Vodacom debit (04/02/2025) was R18 449.68.

    The balance after the debit was R17 557.99.

    A=R18 449.68−R17 557.99A = \text{R}18\,449.68 - \text{R}17\,557.99

  9. Subtract the amounts.

    A=R891.69A = \text{R}891.69

    The value of A is R891.69\boxed{\text{R}891.69}.

    b) Calculate B:

  10. The balance before the 15/02/2025 credit was R6 640.49.

    A credit of R2 511.50 was added.

    B=R6 640.49+R2 511.50B = \text{R}6\,640.49 + \text{R}2\,511.50

  11. Add the amounts.

    B=R9 151.99B = \text{R}9\,151.99

    The value of B is R9 151.99\boxed{\text{R}9\,151.99}.

    2.2.3 Determine the rent amount as a percentage of monthly salary.

  12. Identify the rent amount and the monthly salary from the statement.

    Rent=R6 800.00 (on 06/02/2025)\text{Rent} = \text{R}6\,800.00 \text{ (on 06/02/2025)} Monthly Salary=R20 180.43 (on 01/02/2025)\text{Monthly Salary} = \text{R}20\,180.43 \text{ (on 01/02/2025)}

  13. Calculate the percentage.

    Percentage=RentMonthly Salary×100%\text{Percentage} = \frac{\text{Rent}}{\text{Monthly Salary}} \times 100\% Percentage=R6 800.00R20 180.43×100%\text{Percentage} = \frac{\text{R}6\,800.00}{\text{R}20\,180.43} \times 100\%

  14. Perform the calculation.

    Percentage≈0.33695×100%\text{Percentage} \approx 0.33695 \times 100\% Percentage≈33.70%\text{Percentage} \approx 33.70\%

    The rent amount as a percentage of monthly salary is approximately 33.70%\boxed{33.70\%}.

    2.2.4 Determine the probability of finding a credit transaction out of all the transactions on the bank account statement.

  15. Count the total number of transactions on the statement.

    There are 13 transactions listed.

  16. Count the number of credit transactions.

    The credit transactions are:

    • Monthly salary (01/02/2025)
    • Trading account (15/02/2025)
    • Trading account (02/03/2025)
    • Trading account (18/03/2025) There are 4 credit transactions.

  17. Calculate the probability.

    Probability=Number of Credit TransactionsTotal Number of Transactions\text{Probability} = \frac{\text{Number of Credit Transactions}}{\text{Total Number of Transactions}} Probability=413\text{Probability} = \frac{4}{13}

    The probability of finding a credit transaction is 413\boxed{\frac{4}{13}}.

Was this helpful?

Still stuck on this one?

Ask a follow-up, and the answer starts from this question.

Got a different question?Ask your own question

More Economics Questions

QConvert an interest rate of 14% p.a. compounded monthly to an effective interest rate per annum.QCalculate the total amount in an account on December 1st, given monthly deposits and a 7.5% annual…QCalculate the annual interest rate that was used on the balance brought forward to obtain the credit…QCalculate the annual interest rate given the principal amount, simple interest earned, and time…QCommercial bank gave a loan of TZS 5,000,000 at an annual interest rate of 12%. Calculate the…
Browse by topic:Macroeconomics
See all Economics questions →
Got a syllabus? Photograph it and I'll tell you what's due and what's worth the most.
Handwritten step-by-step solution preview

Handwritten Step-by-Step Solution

Get this as a handwritten image on WhatsApp — like a tutor wrote it for you.

Try on WhatsApp