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Calculate the fees for different ATM and teller withdrawal scenarios.

Mathematics

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6 steps
  1. Determine the fee for a R1 000 withdrawal from a Denbank ATM (Question 1.1).

    The fee structure for a Denbank ATM is R3.50 plus R1.10 per R100 or part thereof.

    • Withdrawal amount: R1 000
    • Number of R100 blocks: R1000R100=10\frac{\text{R}1000}{\text{R}100} = 10
    • Fee = Base fee + (Number of R100 blocks ×\times Fee per R100 block) Fee=R3.50+(10×R1.10)=R3.50+R11.00=R14.50\text{Fee} = \text{R}3.50 + (10 \times \text{R}1.10) = \text{R}3.50 + \text{R}11.00 = \text{R}14.50

    The fee charged is R14.50\boxed{\text{R}14.50}.

  2. Determine the fee for a R250 withdrawal from another bank's ATM (Question 1.2).

    The fee structure for another bank's ATM is R5.50 plus R1.10 per R100 or part thereof.

    • Withdrawal amount: R250
    • Number of R100 blocks (or part thereof): ⌈R250R100⌉=⌈2.5⌉=3\lceil \frac{\text{R}250}{\text{R}100} \rceil = \lceil 2.5 \rceil = 3
    • Fee = Base fee + (Number of R100 blocks ×\times Fee per R100 block) Fee=R5.50+(3×R1.10)=R5.50+R3.30=R8.80\text{Fee} = \text{R}5.50 + (3 \times \text{R}1.10) = \text{R}5.50 + \text{R}3.30 = \text{R}8.80

    The fee charged is R8.80\boxed{\text{R}8.80}.

  3. Determine the fee for a R250 withdrawal at the teller at a branch (Question 1.3).

    The fee structure for "Over the counter" (teller at a branch) is R23.00 plus R1.10 per R100 or part thereof.

    • Withdrawal amount: R250
    • Number of R100 blocks (or part thereof): ⌈R250R100⌉=⌈2.5⌉=3\lceil \frac{\text{R}250}{\text{R}100} \rceil = \lceil 2.5 \rceil = 3
    • Fee = Base fee + (Number of R100 blocks ×\times Fee per R100 block) Fee=R23.00+(3×R1.10)=R23.00+R3.30=R26.30\text{Fee} = \text{R}23.00 + (3 \times \text{R}1.10) = \text{R}23.00 + \text{R}3.30 = \text{R}26.30

    The fee charged is R26.30\boxed{\text{R}26.30}.

  4. Calculate the percentage of the R250 withdrawal in question 1.3 that is charged in fees (Question 1.4).

    • Withdrawal amount: R250
    • Fee charged (from Step 3): R26.30
    • Percentage = FeeWithdrawal amount×100%\frac{\text{Fee}}{\text{Withdrawal amount}} \times 100\% Percentage=R26.30R250.00×100%=0.1052×100%=10.52%\text{Percentage} = \frac{\text{R}26.30}{\text{R}250.00} \times 100\% = 0.1052 \times 100\% = 10.52\%

    The percentage charged in fees is 10.52%\boxed{10.52\%}.

  5. Determine the fee for a R600 withdrawal from a Denbank ATM (Question 1.5).

    The fee structure for a Denbank ATM is R3.50 plus R1.10 per R100 or part thereof.

    • Withdrawal amount: R600
    • Number of R100 blocks: R600R100=6\frac{\text{R}600}{\text{R}100} = 6
    • Fee = Base fee + (Number of R100 blocks ×\times Fee per R100 block) Fee=R3.50+(6×R1.10)=R3.50+R6.60=R10.10\text{Fee} = \text{R}3.50 + (6 \times \text{R}1.10) = \text{R}3.50 + \text{R}6.60 = \text{R}10.10

    The fee charged is R10.10\boxed{\text{R}10.10}.

  6. Compare costs for a R250 withdrawal (Question 1.6).

    We need to compare three options for withdrawing R250:

    • At the bank (Over the counter): From Step 3, the fee is R26.30\text{R}26.30.
    • From Denbank ATM:
      • Withdrawal amount: R250
      • Number of R100 blocks (or part thereof): ⌈R250R100⌉=3\lceil \frac{\text{R}250}{\text{R}100} \rceil = 3
      • Fee = R3.50+(3×R1.10)=R3.50+R3.30=R6.80\text{R}3.50 + (3 \times \text{R}1.10) = \text{R}3.50 + \text{R}3.30 = \text{R}6.80
    • From a tillpoint with a purchase: The fee is R5.50 per transaction, regardless of the amount withdrawn. Fee=R5.50\text{Fee} = \text{R}5.50

    Comparing the fees:

    • At the bank: R26.30
    • Denbank ATM: R6.80
    • Tillpoint with a purchase: R5.50

    The lowest fee is R5.50.
    It would be more cost-effective to withdraw R250 from a tillpoint with a purchase\boxed{\text{tillpoint with a purchase}}.

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