Advertisements
Advertisements
Question
A page from the savings bank account of Mrs Ravi is given below.
| Date | Particulars | Withdrawal (Rs.) |
Deposit (Rs.) | Balance (Rs.) |
| April 3rd 2006 | B/F | 6000 | ||
| April 7th | By cash | 2300 | 8300 | |
| April 15th | By cheque | 3500 | 11800 | |
| May 20th | To self | 4200 | 7600 | |
| June 10th | By cash | 5800 | 13400 | |
| June 15th | To self | 3100 | 10300 | |
| August 13th | By cheque | 1000 | 11300 | |
| August 25th | To self | 7400 | 3900 | |
| September 6th 2006 |
By cash | 2000 | 5900 |
She closed the account on 30th September 2006. Calculate the interest Mrs Ravi earned
at the end of 30th September 2006 at 4.5% per annum interest. Hence, find the
amount she receives on closing the account.
Advertisements
Solution
Since the interest is earned on the minimum balance between 10th day and the last day of the month as per entries, we have
Minimum balance for April = Rs. 8300
Minimum balance for May = Rs. 7600
Minimum balance for June = Rs. 10300
Minimum balance for July = Rs. 10300
Minimum balance for August = Rs. 3900
Minimum balance for September = Rs. 0
Total balance = Rs. 40400
⇒ Total amount qualifying for interest = Rs. 40400
⇒ Principle for 1 month `(1/12 year)` = Rs 40400
Rate of interest = 4.5% per annum
⇒ Interest = Rs `(40400xx4.5 xx 1/12)/100` = Rs 151.50
Amount = Balance in the account in last month + Interest
= 5900 + 151.5
= Rs 6051.50
Thus, Mrs Ravi receives Rs. 6051.50 on closing the account.
APPEARS IN
RELATED QUESTIONS
Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs. 1200 as interest at the time of maturity, find:
- the monthly instalment.
- the amount of maturity.
Shahrukh opened a ‘Recurring Deposit’ account in a bank and deposited Rs. 800 per month for 1½ years. If he received Rs. 15,084 at the time of maturity, find the rate of interest per annum.
Mr. Gupta opened a recurring deposit account in a bank. He deposited Rs. 2500 per month for two years. At the time of maturity he got Rs. 67,500. Find:
1) the total interest earned by Mr Gupta.
2) the rate of interest per annum.
Mrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited ₹ 640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.
Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits Rs. 140 per month for 4 years. If he gets Rs. 8,092 on maturity, find the rate of interest given by the bank.
Mrs. Geeta deposited Rs. 350 per month in a bank for 1 year and 3 months under the Recurring Deposit Scheme. If the maturity value of her deposits is Rs. 5,565; find the rate of interest per annum.
Mr. Burman open a saving back account with Bank of India on 3rd April 2007 with a cash deposit of Rs 5,000/-. Subsequently, he deposited Rs 16,500/- by cheque on 11th April 2007, withdraw Rs 4,000/- on 10th May, paid Rs 3,500 for insurance by cheque on 7th July 2007, deposited Rs. 6,000/- in cash on 9th August 2007 and withdrew Rs 1,500/- on 12th Oct 2007.
Make the entries in his passbook
Ms. Chitra opened a saving bank account with SBI on 05.04.2007 with a cheque deposit of Rs 11,000/.Subsequently, she took out Rs 3,200/- on 12.05.2007; deposited a cheque of Rs. 8,800/- on 03.06.2007 and paid Rs 2,000/- by cheque on 18.06.2007.
If the rate of simple interest was 5% pa compounded at the end of March and September, find her balance on 1.04.2008
Shrikant deposited 85,000 rupees for `2 1/2` years at 7 p.c.p.a. in a savings bank account. What is the total interest he received at the end of the period?
Fill in the blanks in the table.
| Principal | Rate of interest (p.c.p.a.) | Time | Interest | Amount |
| ...... | 6% | 4 years | 1200 | ...... |
