- Computation of interest for a series of months
- Recurring Deposit Accounts:- computation of interest using the formula
Shaalaa.com | Banking Example 1
Rekha opened a recurring deposit account for 20 months. The rate of interest is 9% per annum and Rekha receives Rs. 441 as interest at the time of maturity.
Find the amount Rekha deposited each month.
Mr Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. It the rate of interest is of 8% per annum and Mr Britto gets Rs. 8088 from the bank after 3 years, find the value of his monthly instalment.
Mrs. Swami had a savings bank account with the state bank of India, from `13^"th"` Feb 09 to 6th August 09. The following table shows the entries in her passbook for the above said periods. Calculate the interest earned by Mrs. Swami on her S.B. Account up to `31^"st"` July 09 at the rate of 5% per annum.
|Date||Particulars||Amount Withdrawn (Dr) Rs P||Amount Deposits (Cr) Rs. P||Balance Rs. P|
|Feb 13||By Cash||500.00||500.00|
|March 3||By cheque||735.00||1,235.00|
|March 14||By cheque||1,040.00||2,275.00|
|May 10||To cheque||240.00||2.035.00|
|May 22||To cash||430.00||1,605.00|
|June 19||By cash||780.00||2,385.00|
|July 26||To cash||980.00||1,405.00|
Geeta opened a savings bank account in a bank on `7^"th"` Nov., 08 and deposited Rs. 750. She withdrew Rs. 200 on `30^"th"` Nov., 08. If no other withdrawal or deposit was made by her during this month; find the amount on which she would receive interest for the month of Nov., 08.
A page from the savings bank account of Mr. Prateek if given below.
|Date||Particulars||Withdrawals (In Rs)||Deposits (In Rs)||Balance (In Rs)|
|January 1st 2006||B/F||-||-||1,270|
|January 7th 2006||By Cheque||-||2,310||3,580|
|March 9th 2006||To self||2,000||-||1,580|
|March 26th 2006||By cash||-||6,200||7,780|
|June 10th 2006||To Cheque||4,500||-||3,280|
|July 15th 2006||By clearing||-||2,630||5,910|
|October 18th 2006||To Cheque||530||-||5,380|
|October 27th 2006||To self||2,690||-||2,690|
|November 3rd 2006||By cash||-||1,500||4,190|
|December 6th 2006||To cheque||950||-||3,240|
|December 23rd 2006||By Transfer||-||2,920||6,160|
If h receives Rs. 198 as interest on 1st January, 2007, Find the rate of interest paid by the bank.
A man opened a savings bank account with a bank on 22nd Feb., 1998 and deposited Rs. 300. He further deposited Rs. 1,500 on 5th march 1998 and withdrew Rs. 500 on 12th April 1998. Assuming that he neither deposited not withdrew any money up to the last day of May 1998; write the amounts on which he would receive interest for:
(i) Feb., 1998 (ii) March, 98 (iii) April, 98 (iv) May, 98
Mrs. N. Batra has a savings bank account with the Punjab National bank. She had the following transactions (from 1st January, 2007 to 31st December, 2007) with the bank:
(i) 01-01-2007; B/F Rs. 8,764/-
(ii) 13-03-2007; deposited Rs. 6,482
(iii) 22-06-2007; withdrew Rs. 4,369
(iv) 09-08-2007; withdrew Rs. 1,333
(v) 24-11-2007; Deposited Rs. 2,158
Calculate the interest the accrured upto 31st December, 2007: if the rate of interest is 5% compounded yearly and the principle for every month is taken as the nearest multiple of Rs.10.
Taking the rate of interest as 6% per annum, find the amount that Mr. verma gets on closing the account.
A page from the passbook of a savings book account in a particular year is given below:
|Date||Particulars||Debit (In Rs)||Credit (In Rs)||Balance (In Rs)|
|Jan 3||By cash||5,000.00||5,000.00|
|Feb 13||To self||500.00|
|March 24||By cheque||2,000.00|
|March 31||By Interest|
|May 20||By cash||800.00|
|July 7||To Cheque||1,400.00|
|July 18||By cash||1,600.00|
|Sept 15||To Cheque||3,200.00|
|Sept 26||By Cheque||2,350.00|
If the interest is calculated at 6% P.a. and is compounded at the end of march and September at every year, find the interest earned up to 31st march and then after completing all the entries, find the amount that the account holder would have received had he closed the account on 20th October the same year.