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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.
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.
- If Mohan decreases his monthly instalment by 20%, how much less interest will he get at the same rate of interest and for the same time?
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Solution
Interest = Rs. 1200
Period (n) = 2 years = 24 months
Rate (r) = 6% p.a.
i. Let monthly deposit = ₹ P p.m.
∴ Interest = `(P xx n(n + 1))/(2 xx 12) xx r/(100)`
`1200 = (P xx 24 xx 25)/(24) xx (6)/(100)`
`\implies 1200 = (6)/(4)p`
∴ `P = (1200 xx 4)/(6) = 800`
∴ Monthly deposit = ₹ 800
ii. Maturity value = P × n + Interest
= ₹ 800 × 24 + ₹ 1,200
= ₹ 19,200 + ₹ 1,200
= ₹ 20,400
iii. Interest when monthly instalment is decreased by 20%
Original monthly instalment = ₹ 800
Decrease = 20% of ₹ 800
= `20/100 xx ₹ 800`
= ₹ 160
New monthly instalment = ₹ 800 − ₹ 160
= ₹ 640
Since the rate and period remain the same, interest is directly proportional to the monthly instalment.
New Interest = `₹ 1,200 xx 640/800`
= ₹ 960
Therefore, less interest received = ₹ 1,200 − ₹ 960
= ₹ 240
Notes
Students should refer to the solution according to their question.
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