T13 - 2

Question 1

Name the top 4 banks in S.A.

Answer 1

• First National Bank
• Standard Bank
• Absa Bank
• Nedbank

Question 2

Sam invested R25 000 in a fixed deposit at an interest rate of 8% per year.

How much interest will he make in a year?

Answer 2

R25 000 x 8% x 1 year = R2 000

Question 3

Jane put R50 000 into a fixed deposit for 1 year.

The bank offered her an interest rate of 12% p.a.

Calculate the interest Jane received at the end of the year.

Answer 3

R50 000 x 12% x 1 year = R6 000

Question 4

Oliver put R60 000 into a fixed deposit for 2 years.

The interest rate is 8% p.a.

Calculate the total amount of interest he received after 2 years.

Answer 4

R60 000 x 8% x 2 years = R9 600

Question 5

What is an investment bank and give an example of one.

Answer 5

• An investment bank is a bank that instead of lending money to a person or business, they help businesses to get other businesses to invest in them or lend them money.
• Rand Merchant Bank

Question 6

Explain 3 services offered by banks.

Answer 6

1. ATM’s - special machines to draw money from
2. Internet banking - you can do banking from anywhere using the internet and a computer.
3. Financial advice - banks will advise you how to invest your money.