- Computation of interest for a series of months
- Recurring Deposit Accounts:- computation of interest using the formula
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- Computation of Interest
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.
Ritu has a Recurring Deposit Account in a bank and deposits Rs 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of the account is Rs 1,554.
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|Date||Particulars||Amount Withdrawn (Dr) Rs P||Amount Deposits (Cr) Rs.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|
Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits Rs 600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum.
A man holds a savings bank account in the union bank of India. A page of his passbook shows the following entries:
|Date||Particulars||Withdrawals (Rs)||Deposits (Rs)||Balance (Rs)|
|May 6||By Cheque||500.00||3,700.00|
|May 17||By Cheque||800.00||4,500.00|
|June 4||By Cash||1,300.00||5,800.00|
|June 9||To Cheque||1,650.00||4,150.00|
Calculate the rate of interest per annum if the total interest earned for the months of May and June is Rs. 39.25`
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