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Question
A page from the Savings Bank Account of Mr Prateek is given below:
| Date | Particulars | Withdrawal (In Rs.) |
Deposit (In Rs.) |
Balances (In Rs.) |
| January 1st, 2006 | B/F | - | - | 1270 |
| January 7th, 2006 | By Cheque | - | 2310 | 3580 |
| March 9th, 2006 | To Self | 2000 | - | 1580 |
| June 26th, 2006 | By Cash | - | 6200 | 7780 |
| June 10th 2006 | To Cheque | 4500 | - | 3280 |
| July 15th, 2006 | By Clearing | - | 2630 | 5910 |
| October 18th, 2006 | To Cheque | 530 | - | 5380 |
| October 27th, 2006 | To Self | 2690 | - | 2690 |
| November 3rd, 2006 | By Cash | - | 1500 | 4190 |
| December 6th, 2006 | To Cheque | 950 | - | 3240 |
| December 23rd, 2006 | By Transfer | - | 2920 | 6260 |
If he receives Rs. 198 as interest on 1st January 2007, find the rate of interest paid by the bank.
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Solution
Principal for January = Rs. 3580
Principal for February = Rs. 3580
Principal for March = Rs. 1580
Principal for April = Rs. 7780
Principal for May = Rs. 7780
Principal for June = Rs. 3280
Principal for July = Rs. 3280
Principal for August = Rs. 5910
Principal for September = Rs. 5910
Principal for October = Rs. 2690
Principal for November = Rs. 4190
Principal for December = Rs. 3240
Total equivalent principal for 1 month = Rs. 52,800
`:. Rate % = (I xx 100)/(P xx T) % = (198 xx 100 xx 12)/(52800 xx 1) = 4.5%`
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