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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.
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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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