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Question
Mr. Mishra has a Savings Bank Account in Allahabad Bank. His passbook entries are as follows:
| Date | Particulars | Amount Withdrawals(₹) |
Amount Deposits(₹) | Amount Balance(₹) |
| Jan. 4, 2007 | By Cash | - | 1,000·00 | 1,000·00 |
| Jan. 11, 2007 | By Cheque | - | 3,000·00 | 4,000·00 |
| Feb. 3, 2007 | By Cash | - | 2,500·00 | 6,500·00 |
| Feb. 7, 2007 | To Cheque | 2,000·00 | - | 4,500·00 |
| March 3, 2007 | By Cash | - | 5,000·00 | 9,500·00 |
| May 25, 2007 | By Cash | - | 2,000·00 | 11,500·000 |
| June 7, 2007 | By Cash | - | 3,500·00 | 15,000·00 |
| Aug 29, 2007 | To Cheque | 1,000·00 | - | 14,000·00 |
Rate of interest paid by the bank is 4.5% per annum. Mr. Mishra closes his account on 30th October, 2007. Find the interest he receives.
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Solution
Minimum Balance for
Jan = ₹1,000
Feb = ₹4,500
March = ₹9,500
April = ₹9,500
May = ₹9,500
June = ₹15,000
July = ₹15,000
August = ₹14,000
September = ₹14,000
Total ₹92,000
₹ 92,000 is treated as principal of one month for calculating the interest
Interest = `("P" xx "R" xx "T")/(100)`
= `(92,000 xx 4·5 xx (1)/(12))/(100)`
= ₹ 345.
RELATED QUESTIONS
Kiran deposited Rs. 200 per month for 36 months in a bank’s recurring deposit account. If the bank pays interest at the rate of 11% per annum, find the amount she gets on maturity.
David opened a Recurring Deposit Account in a bank and deposited Rs. 300 per month for two years. If he received Rs. 7,725 at the time of maturity, find the rate of interest per annum.
John had a savings bank account in a bank. In the months of april, 97 and May, 97 He had the following entries in his passbook.
| Date | Particulars | Withdrawals (In Rs) | Deposits (In Rs) | Balance (In Rs) |
| April 1 | By Balance | 4,600.00 | ||
| April 7 | By cash | 1,200.00 | 5,800.00 | |
| April 24 | To Cheque | 800.00 | 5,000.00 | |
| May 16 | By Cheque | 2,000.00 | 7,000.00 | |
| May 29 | To Cash | 1,500.00 | 5,500.00 |
Find the amounts on which John will get interest for the months of April, 97 and May 97.
Mr. Menon deposit Rs 1,200 per month in a cumulative deposit account for a period of 5 years. After the end of the period, he will receive Rs 88,470. (a) Find the rate of the interest per annum. (b) Find the total interest that Mr. Menon will earn.
Aarushi has a recurring deposit account for 2 years at 6% pa. She receives Rs 1,125 as interest on maturity.
(a) Find the monthly instalment amount.
(b) Find the maturity amount.
Mr. Richard has a recurring deposit account in a post office for 3 years at 7.5% p.a. simple interest. If he gets Rs. 8,325 as interest at the time of maturity, find:
- the monthly instalment.
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A page of Passbook of Mrs. C. Malik Savings Bank Account in year 2002 is given below:
| Date Year 2002 | Particulars | Amount Withdrawn (in ₹) |
Amount Deposited (in ₹) |
Balance (in ₹) |
| Jan. 1 | By Balance | - | - | 2,100·00 |
| Jan. 7 | By Cash | - | 1,000·00 | 3,100·00 |
| Feb. 1 | By Cash | - | 500·00 | 3,600·00 |
| Feb. 15 | To Cheque | 2,000·00 | - | 1,600·00 |
| March 15 | By Cash | - | 2,000·00 | 3,600·00 |
| March 20 | To Cheque | 1,000·00 | - | 2,600·00 |
| June 12 | By Cash | - | 3,000·00 | 5,600·00 |
| June 28 | To Cheque | 1,000·00 | - | 4,600·00 |
| Oct. 15 | To Cheque | 3,000·00 | - | 4,600·00 |
| Nov. 5 | By Cash | - | 1,500·00 | 3,100·00 |
| Dec. 10 | By Cash | - | 500·00 | 3,600·00 |
| Dec. 20 | To Cheque | 1,000·00 | - | 2,600·00 |
If the rate of interest decreases from 5% to 4% with effect from June 1st, 2002, compute the interest at the end of the year.
Salom deposited Rs 150 per month in a bank for 8 months under the Recurring Deposit Scheme. ‘What will be the maturity value of his deposit if the rate of interest is 8% per annum?
If Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for years, then the total money deposited in the account is
Salman deposits ₹ 1000 every month in a recurring deposit account for 2 years. If he receives ₹ 26000 on maturity, find:
- the total interest Salman earns.
- the rate of interest.
