Gr 10 Maths Literacy – Paper 1

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                                                                     NOVEMBER 2006

                                 MATHEMATICS LITERACY
                                       PAPER 1

Minimum time: 1  hours
Maximum time: 2 hours                                                             75 marks


1.       This paper consists of:
             5 questions
             an answer sheet with grid paper for question 4 (d).

2.        Answer all the questions.

3.       Calculators may be used in all questions.

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MATHEMATICS LITERACY: GRADE 10 EXEMPLAR PAPER 1                                                          Page 2 of 10

Bongani has a savings account with i-Moocha Moola Bank. Every month he receives a bank
statement from the bank outlining the transactions on the account during the month.
Below is the bank statement for Bongani's savings account for the month of February.   (20)

                                                  Bank Statement

     Account Name: Mr. Bongani Dlamini                    Account Number: 3178 2100 415
     Type of account: Savings                             Details of account holder: PO Box 1345,
                                                                                     Hilton, 3245
                                                                                     Tel: (033) 317 5128

        Transaction                                     Transaction        Account
                            Transaction Details
           Date                                           Amount           Balance
             01 Feb                Opening Balance                          R5 158,90

              01 Feb               Stop Order: Rent       -R2 300,00        R2 858,90
              01 Feb                    Service Fee          -R9,00         R2 849,90

              05 Feb               Withdrawal: ATM          -R600,00        R2 249,90
              05 Feb                    Service Fee                         R2 245,90

              09 Feb                   Cash Deposit          R148,70
              09 Feb                    Service Fee           -R3,41        R2 391,19

              15 Feb       Cash Withdrawal: Branch        -R1 800,00          R591,19
              15 Feb                   Service Fee          -R37,10           R554,09

              25 Feb           Cash Deposit: Salary        R4 140,20        R4 694,29
              25 Feb                  Service Fee           -R41,33         R4 652,96

              28 Feb       Cash Withdrawal: Branch        -R2 200,00        R2 452,96
              28 Feb                   Service Fee            -40,90        R2 412,06
                                                CLOSING BALANCE             R2 412,06

                                                          Amount in Savings Account         Interest Rate per Year
                                                        R1,00 - R999,00                              1,5%
                                                        R1 000,00 - R9 999,99                        1,8%
                                                        R10 000,00 - R19 999,99                      2,5%
                                                        > R20 000,00                                 3,0%

Savings account:       An account from which money can be withdrawn or into which money can be deposited at
                       any time during the month.
Opening Balance:       The amount of money in the account at the beginning of the month before any transactions
                       are made on the account.
Withdrawal:            Money taken out of the account.
Deposit:               Money put into the account.
Branch:                A cash withdrawal or cash deposit at the branch is a withdrawal or deposit that is made
                       over the counter inside a bank with a bank teller.

IEB Copyright  2006
MATHEMATICS LITERACY: GRADE 10 EXEMPLAR PAPER 1                                                         Page 3 of 10

Stop Order:            A Stop Order is an instruction to the bank to deduct a fixed amount of money from a
                       person's account every month and then to pay this money to someone else.
ATM:                   An ATM is an Automated Teller Machine. ATMs are usually found outside a bank and
                       enable you to draw money from or deposit money into your account without having to go
                       into the bank.
Service fee:           An amount deducted by the bank for each transaction made on the account.
Interest:              Interest is the reward that a bank will pay its clients for investing money with the bank.
Interest rate:         This is the rate (expressed as a percentage) at which a person is rewarded for money that
                       has been invested in the bank.

(a)       (i)      Why do some of the values in the Transaction Amount column have minus
                   signs in front of them?                                                                             (1)

          (ii)     How much money was in the account on 18 February?                                                   (1)

(b)       (i)      Calculate the missing Service Fee for 5 February.                                                   (1)

          (ii)     Calculate the missing Account Balance for 9 February.                                               (1)

(c)       Bongani sees in an i-Moocha Moola Bank brochure that the service fee for withdrawing
          money from a savings account at an i-Moocha Moola Bank branch is calculated using the
                     Service fee = R20,00 + 0,95% of the amount withdrawn

          Bongani decides to use the formula to see how the service fee for the withdrawal made on
          15 February was calculated, but he makes several mistakes and ends up with the wrong
          answer. Below are his calculations.

                                     Service fee = R20,00 + 0,95% of R1 800,00
                                                 = R20,00 + 0,095  R1 800,00
                                                 = R20,095  R1 800,00
                                                = R36,17

         (i)       Explain where Bongani has made mistakes in his calculations.                                        (3)

         (ii)      Show that the service fee of R37,10 given on the bank statement is correct.                         (2)

(d)       (i)      If the i-Moocha Moola bank calculates interest monthly, calculate the monthly
                   rate at which interest will be calculated on the money in Bongani's account. (1)

          (ii)     If the i-Moocha Moola bank calculates interest monthly, calculate how much
                   interest Bongani will earn on the closing balance of R2 361,58 in February.                         (2)

         (iii)     Compare the interest that Bongani earns on the money in his account to the total
                   amount that he pays in service fees for the month and make a deduction about
                   whether Bongani is making or losing money by keeping his money in a bank
                   account.                                                                        (2)
         (iv)      Why do you think people keep their money in bank accounts?                                          (1)

(e)      The table below shows the transaction fees for money deposited into and withdrawn
         from a Big-Bucks Bank savings account.

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MATHEMATICS LITERACY: GRADE 10 EXEMPLAR PAPER 1                                                             Page 4 of 10

                            Transactions Fees on a Big-Bucks Bank Savings Account
                       Transaction                                        Fee
               Cash Deposit at branch          R1,05 per R100,00 (or part thereof)
                                               R16,00 for the first R100,00 and R0,90 for every
               Cash withdrawal at branch
                                               additional R100,00 (or part thereof)
               Cash withdrawal at ATM          R5,10 per transaction

         If Bongani were to withdraw the same amount of money during the month from a
         Big-Bucks Bank savings account, would he pay more or less in service fees for
         withdrawals than he does with i-Moocha Moola Bank?                                                         (5)

                                                                                                        20 marks

Penny has a clothing account at Small Joe's Clothing Company. Penny is able to buy clothes at
Small Joe's and only pay for the clothes at the end of the month.
Every month Penny receives a summary from Small Joe's listing the clothing that she has bought
during the month. Below is the summary for June.

          Account holder:      Ms. Penny Du Plessis                       Account no:       PDP01
          Account date:        June 2006
                   Summary                       Date        Transaction                 Price
                                               5/06        Shirt                             ............
                                                           Jeans                             R178,20

                                               17/06       Socks                              R24,99
                                                           Socks                              R13,70
                                                           Floral dress                      R243,00
                                               25/06       Shirt - sale item                  R66,25
                                                           Shirt                             R108,35
                                                           Slops                              R35,00
                                                           Skirt                             R155,00
                                                           Belt                               R37,40

                                        TOTAL DUE:                 R997,38
                            Payment is due by:                            10 July 2006

 Outstanding Amount         Interest Charged
 R1,00 - R999,99            2% per month
  R1 000,00                 4,5% per month

(a)      One of the shirts that Penny bought on 25 June was a sale item and this means that she
         received a discount off the original price of the shirt. If the original price of the shirt
         was R77,95, what percentage discount did Penny receive on the shirt?                        (3)

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MATHEMATICS LITERACY: GRADE 10 EXEMPLAR PAPER 1                                         Page 5 of 10

(b)      The price of the shirt that Penny bought on 5 June has been left off the summary.
         Use the pie chart to show that this shirt cost R135,49.                                       (3)

(c)      (i)    If Penny does not pay the amount due on the account by the due date, how much
                interest will she have to pay on the money that she owes?                     (2)

         (ii) If Penny only pays the account on 29 September, how much will she have to pay
              to Small Joe's Clothing Company to settle the account?                        (5)

                                                                                            13 marks

QUESTION 3:                          MANDLA'S MONEY

Below is a budget of Mandla's income and expenditure for the month of September.

                                      Mandla's Budget - September
                            Salary                               R7 150,50
                            Present from Dad                        R350,00
                            Groceries: food                      R2 880,00
                            Clothes                               R920,00
                            Car repayments                       R1 650,00
                            Toiletries                              R165,30
                            Entertainment                           R750,00
                            Eating out                              R680,25
                            Petrol                                  R715,50

Car repayments:          When Mandla bought a car he took a out a loan from a bank to buy the car. The
                         monthly car repayments are the repayments that Mandla makes to the bank each
                         month to pay off the car loan.

(a)      Is Mandla in a good or poor financial position? You must show your working.                   (3)

(b)      With reference to the budget above, make two suggestions as to how Mandla could
         improve his financial position.                                                               (2)

                                                                                             5 marks

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