ETVEET-KZN-REGIONAL OFFICE-2023 MATHEMATICAL LITERACY-LEVEL 3-TASK 5.

Answer 1

Task 5: Financial planning

You and your best friend, Sipho, have just finished high school and will be starting your tertiary education next year. You have both been accepted into the same university and will be studying different courses. You want to start planning your finances now so that you can ensure that you and Sipho have enough money to cover all your expenses while at university.

The following are the expenses you have estimated:

- Tuition fees: R50 000 per year
- Accommodation: R5 000 per month
- Textbook: R1 000 per semester
- Food and groceries: R3 000 per month
- Transport: R2 000 per semester
- Entertainment: R1 500 per month

Task:
1. Calculate the total cost of each expense for the year.
2. Calculate the total cost of all expenses for the year.
3. Divide the total cost by 12 to find out the monthly amount needed to cover all your expenses.
4. Sipho’s parents have agreed to pay for his tuition fees, but he will have to cover all his other expenses. Calculate how much money Sipho will need per month to cover his expenses.
5. You have a part-time job and will be earning R2 500 per month. Calculate how much money you will need per month to cover your expenses.
6. You and Sipho have decided to share a room to save on accommodation costs. Calculate how much money you will each need per month to cover all your expenses.