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Question
A page from the ‘Savings Bank’ account of Priyanka is given below:
| Date | Particulars |
Amount (Rs.) |
Amount deposited (Rs.) |
Balance (Rs.) |
| 03/04/2006 | B/F | 4000.00 | ||
| 05/04/2006 | By cash | 2000.00 | 6000.00 | |
| 18/04/2006 | By cheque | 6000.00 | 12000.00 | |
| 25/05/2006 | By cheque | 5000.00 | 7000.00 | |
| 30/05/2006 | By cash | 3000.00 | 10000.00 | |
| 20/07/2006 | By self | 4000.00 | 6000.00 | |
| 10/09/2006 | By cash | 2000.00 | 8000.00 | |
| 19/09/2006 | To cheque | 1000.00 | 7000.00 |
If the interest earned by Priyanka for the period ending September 2006 is Rs. 175, the find the rate of interest.
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Solution
Qualifying principal for various months:
| Month | Principal |
| April | Rs. 6000 |
| May | Rs. 7000 |
| June | Rs. 10000 |
| July | Rs. 6000 |
| August | Rs. 6000 |
| September | Rs. 7000 |
| Total | Rs. 42000 |
Here, P= Rs. 42,000
Let R% be the rate of interest and T = `1/12` year
Given that the interest, I = Rs.175
Now, `I= (PxxRxxT)/100`
`=> 175 = (42000 xx R xx 1)/(100xx 12)`
`=> R = (175xx100xx12)/42000 = 5%`
Thus, the rate of interest is 5%.
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