ANNEXURE A shows a revolving credit loan taken out from Woolworths Financial Services - NSC Mathematical Literacy - Question 1 - 2019 - Paper 1
Question 1
ANNEXURE A shows a revolving credit loan taken out from Woolworths Financial Services.
NOTE:
A revolving credit plan is a loan where a person can re-use all or part... show full transcript
Worked Solution & Example Answer:ANNEXURE A shows a revolving credit loan taken out from Woolworths Financial Services - NSC Mathematical Literacy - Question 1 - 2019 - Paper 1
Step 1
Identify the borrower of the revolving credit loan.
96%
114 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
The borrower of the revolving credit loan is Susan Visser.
Step 2
Write down the amount available on the statement.
99%
104 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
The amount available on the statement is R548,37.
Step 3
Write down the number of statements the borrower will receive in ONE year.
96%
101 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
The borrower will receive 12 statements in one year.
Step 4
Explain the term debit order.
98%
120 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
A debit order is a payment arrangement that allows a third party to collect money directly from a bank account on a regular basis. It is often used for recurring expenses like subscriptions or loan repayments.
Step 5
Calculate the number of days from the statement date to the payment due date.
97%
117 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
The number of days from the statement date to the payment due date is 12 days.
Step 6
Calculate the closing balance (A) of the loan taken on 29/04/2016.
97%
121 rated
Only available for registered users.
Sign up now to view full answer, or log in if you already have an account!
Answer
The closing balance (A) of the loan taken on 29/04/2016 is calculated as follows:
