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Question
Mr. Dhoni has an account in the Union Bank of India. The following entries are from his passbook:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| Jan 3, 07 | B/F | - | - | 2,642·00 |
| Jan 16 | To self | 640.00 | - | 2,002·00 |
| March 5 | By cash | - | 850·00 | 2,852·00 |
| April 10 | To self | 1130.00 | - | 1,722·00 |
| April 10 | By cheque | - | 650·00 | 2372.00 |
| June 15 | By cash | 577.00 | - | 1,795·00 |
Calculate the interest from January 2007 to June 2007 at a rate of 4% per annum.
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Solution
Qualifying amount for
Jan 2007 = ₹ 2,002
Feb 2007 = ₹ 2,002
March 2007 = ₹ 2,852
April 2007 = ₹ 1,722
May 2007 = ₹ 2,372
June 2007 = ₹ 1,795
Total ₹ 12,745
₹ 12,745 is treated as the principal of one month for calculating the interest.
Interest = `("P" xx "T" xx "R")/(100)`
= `(12,745 xx 4 xx 1)/(12 xx 100)`
= ₹ 42·483
= ₹ 42·48
RELATED QUESTIONS
Mrs Kapoor opened a Savings Bank Account in State Bank of India on 9th January 2008. Her pass book entries for the year 2008 are given below:
| Date | Particulars | Withdrawals (in Rs.) | Deposits (in Rs.) | Balance (in Rs.) |
| Jan 9, 2008 | By Cash | - | 10000 | 10000 |
| Feb 12, 2008 | By Cash | - | 15500 | 25500 |
| April 6, 2008 | To Cheque | 3500 | - | 22000 |
| April 30, 2008 | To Self | 2000 | - | 20000 |
| July 16, 2008 | By Cheque | - | 6500 | 26500 |
| August 4, 2008 | To Self | 5500 | - | 21000 |
| August 20, 2008 | To Cheque | 1200 | - | 19800 |
| Dec. 12, 2008 | By Cash | - | 1700 | 21500 |
Mrs Kapoor closes the account on 31st December 2008. If the bank pays interest at 4% per annum, find the interest Mrs Kapoor receives on closing the account. Give your answer correct to the nearest rupee.
Ritu has a Recurring Deposit Account in a bank and deposits Rs. 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of the account is Rs. 1,554.
Given below are the entries in a saving Bank A/C pass book:
| Date | Particulars | Withdrawals | Deposits | Balance |
| Feb 8 Feb 18 April 12 June 15 July 8 |
B/F To self By Cash To Self By Cash |
- Rs. 4,000 - Rs. 5,000 - |
- - Rs. 2,230 - Rs. 6,000 |
Rs. 8,500 4500 6730 1730 7730 |
Calculate the interest for 6 months from February to July at 6% per annum.
The following enb·ies are from the saving bank account passbook of Mr. Ratnesh. If the rate of interest paid by the bank is 4. 5°/op.a. calculated at the end of March and September, find the balance in his account at the end of the year.
| Date | Particulars | Withdrawls | Deposits | Balance |
| 03.01.2006 | By B/F | 17900.00 | ||
| 09.01.2006 | To Cash | 3700.00 | 14200.00 | |
| 06.02.2006 | To Cheque | 2450.00 | 11750.00 | |
| 21.02.2006 | By Cash | 15600.00 | 27350.00 | |
| 17.03.2006 | By Cash | 9850.00 | 37200.00 | |
| 31.03.2006 | By Interest | |||
| 06.06.2006 | To Cheque | 4100.00 | ||
| 22.08.2006 | To Cash | 1500.00 | ||
| 05.09.2006 | By Cheque | 17300.00 | ||
| 09.09.2006 | To Cash | 6300.00 | ||
| 30.09.2006 | By Interest | |||
| 04.12.2006 | To Cash | 3000.00 | ||
| 11.12.2006 | By Cheque | 11760.00 |
Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for `1 1/2` years. If he recieved Rs 15,084 at the time of maturity, find the rate of interest per annum.
The entries in the passbook of a Saving Bank Account holder are as follows:
| Date | Particulars | Withdrawals(₹) | Deposits(₹) | Balance(₹) |
| Feb. 12, 1986 | By cash | - | 2,000·00 | 2,000·00 |
| March 10 | By cash | - | 1,100·00 | 3,100·00 |
| April 20 | To cheque no. 231 | 800·00 | - | 2,300·00 |
| April 25 | By cash | - | 700·00 | 3,000·00 |
| May 11 | To cheque no. 232 | 700·00 | - | 2,300·00 |
| July 2 | By cash | - | 400·00 | 2,700·00 |
| July 8 | By cash | - | 500·00 | 3,200·00 |
| Aug. 10 | By cash | - | 600·00 | 3,800·00 |
| Aug. 28 | To cheque no. 233 | 200·00 | - | 3,600·00 |
Rate of interest is 5% per annum. Calculate the interest due if the account is closed on:
(i) September 29, 1986
(ii) October 1, 1986.
Mr. Ashok has an account in the Central Bank of India. The following entries are from his passbook:
| Date | Particulars | Withdrawals (₹) |
Deposits (₹) |
Balance (₹) |
| 01-01-05 | B/F | - | - | 1,200·00 |
| 07-01-05 | By cash | 500·00 | 1,700·00 | |
| 17-01-05 | To cheque | 400·00 | - | 1,300·00 |
| 10-02-05 | By cash | - | 800·00 | 2,100·00 |
| 25-09-05 | By cheque | 500·00 | - | 1,600·00 |
| 20-09-05 | By cash | - | 700·00 | 2,300·00 |
| 21-11-05 | To cheque | 600·00 | - | 1,700·00 |
| 05-12-05 | By cash | - | 300·00 | 2,000·00 |
If Mr. Ashok gets Rs. 83.75 as interest at the end of the year where the interest is compounded annually, calculate the rate of interest paid by the bank in his Savings Bank Account on 31st December 2005.
A page from the saving bank account of Priyanka is given below:
| Date | Particulars | Amount withdrawn(₹) |
Amount deposited (₹) |
Balance (₹) |
| 3/4/2006 | B/F | - | - | 4,000·00 |
| 5/4/2006 | By Cash | - | 2,000·00 | 6,000·00 |
| 18/4/2006 | By cheque | - | 6,000·00 | 12,000·00 |
| 25/5/2006 | To cheque | 5,000·00 | - | 7,000·00 |
| 30/5/2006 | By cash | - | 3,000·00 | 10,000·00 |
| 20/7/2006 | By self | 4,000·00 | - | 6,000·00 |
| 10/9/2006 | By cash | - | 2,000·00 | 8,000·00 |
| 19/9/2006 | To cheque | 1,000·00 | - | 7,000·00 |
If the interest earned by Priyanka for the period ending September 2006 is Rs. 175, find the rate of interest.
Mr. Gupta opened a recurring deposit account in a bank. He deposited Rs. 2,500 per month for two years. At the time of maturity he got Rs. 67,500. Find:
- the total interest earned by Mr. Gupta.
- the rate of interest per annum.
A man gets ₹ 1,404 as interest at the end of one year. If the rate of interest is 12% per annum in R.D. account, the monthly instalment is ______.
