Question

Calculate the bank charges if a client wants to send a cash amount of R450 to a friend at an ATM without using a card

Answer 1

R6.775

Explanation:

Given that :

The transaction fee charged is calculated using the relation :

Transaction fee = R2.50 + 0.95%(amount deposited)

If amount to deposit is R450 ; the bank charge will be:

R2.50 + 0.95%(Amount deposited)

R2.50 + 0.0095(450)

R2.50 + R4.275

R(2.50 + 4.275)

R6.775