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Given Below Are the Entries in a Saving Bank A/C Passbook. Calculate the Interest for Six Months from February to July at 6% P.A. - ICSE Class 10 - Mathematics

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Question

Given below are the entries in a Saving Bank A/c passbook.

Date Particulars Withdrawals Deposit Balance
Feb8 B/F - - Rs. 8500
Feb 18 To self Rs. 4000 -  
April 12 By cash - Rs. 2230  
June 15 To self Rs. 5000 -  
July 8 By cash - Rs. 6000  

Calculate the interest for six months from February to July at 6% p.a.

Solution

On completing the given passbook, we get

Date Particulars Withdrawals Deposit Balance
Feb8 B/F - - Rs. 8500
Feb 18 To self Rs. 4000 - Rs. 4500
April 12 By cash - Rs. 2230 Rs. 6730
June 15 To self Rs. 5000 - Rs. 1730
July 8 By cash - Rs. 6000 Rs. 7730

Principal for the month of Feb = Rs. 4500
Principal for the month of March = Rs. 4500
Principal for the month of April = Rs. 4500
Principal for the month of May = Rs. 6730
Principal for the month of June = Rs. 1730
Principal for the month of July = Rs. 7730
Total Principal for 1 month = Rs. (4500 + 4500 + 4500 + 6730 + 1730 + 7730)

= Rs. 29690

P =   Rs 29690, T = `1/12`year, R = 6%

∴Interest = `(29690 xx 6 xx 1)/(100 xx 12)`

= Rs 148.45

 

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Solution Given Below Are the Entries in a Saving Bank A/C Passbook. Calculate the Interest for Six Months from February to July at 6% P.A. Concept: Computation of Interest.
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