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Scenario: Thabang had an opening balance on his student account of R2000 credit when the year started. After this, he bought textbooks to value of R1570. As a result of a late payment, interest of R50.75 was debited on Thabang’s account. Later, Thabang’s funder provided R1580 that was credited on his account. 

What is Thabang’s account balance after these transactions were completed? 


R1959.25


R1200.75


R2040.75


R3200.75


R5200.75

1 answer

To calculate Thabang's account balance after the transactions, we start with the opening balance and apply the changes step by step.

  1. Starting balance: R2000.00 (credit)
  2. Less textbooks purchase: R2000.00 - R1570.00 = R430.00
  3. Less interest due to late payment: R430.00 - R50.75 = R379.25
  4. Add funds from funder: R379.25 + R1580.00 = R1959.25

Therefore, Thabang's account balance after these transactions is R1959.25.