Advertisements
Advertisements
Question
Mrs Khandelkar invests Rs 900 every month in a recurring deposit account for a period of 3 years at a simple interest rate of 8% pa
(a) Find the total interest she will earn at the end of the period.
(b) Find the maturity value of her deposits.
Advertisements
Solution
Given that Recurring deposit per month =Rs 900, Period= 3 years = 36 Months, R=8 %
Money deposited= Monthly value x No of Months
= 900 x 36 = Rs 32,400 ...... (1)
Total Principal for 1 Month=Rs `(900 xx (36)(36 + 1))/2` = Rs 599400
Interest = Rs `(8 xx 599400)/(12 xx 100)` = Rs 3996 .......(2)
Hence Maturity Amount= (1) + (2)
=Rs (32,400 + 3,996)
Hence Maturity Amount= Rs 36,396
And Interest= Rs 3,996
APPEARS IN
RELATED QUESTIONS
Mr. Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. It the rate of interest is of 8% per annum and Mr. Britto gets Rs. 8,088 from the bank after 3 years, find the value of his monthly instalment.
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.
Given below is a page from the passbook of the savings bank account of Mr. Rajesh. Complete the entries in the passbook and calculate the interest paid to him by the bank at 6°/o pa in the end of June.
| Date | Particulars | Withdrawals | Deposits | Balance |
| 08.02.2008 | By Cash | 12000.00 | ||
| 15.03.2008 | To cash | 3000.00 | ||
| 08.04.2008 | To Cheque | 2500.00 | ||
| 18.04.2008 | By Cash | 16000.00 | ||
| 10.06.2008 | By Cash | 800.00 |
Kiran deposited 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.
A page from the Savings Bank Account of Mr. Prateek is given below:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| January 1st, 2006 | B/F | - | - | 1,270 |
| January 7th, 2006 | By Cheque | - | 2,310 | 3,580 |
| March 9th, 2006 | To Self | 2,000 | - | 1,580 |
| March 26th, 2006 | By Cash | - | 6,200 | 7,780 |
| June 10th, 2006 | To Cheque | 4,500 | - | 3,280 |
| July 15th, 2006 | By Clearing | - | 2,630 | 5,910 |
| October 18th, 2006 | To Cheque | 530 | - | 5,380 |
| October 27th, 2006 | To Self | 2,690 | - | 2,690 |
| November 3rd, 2006 | By Cash | - | 1,500 | 4,190 |
| December 6th, 2006 | To Cheque | 950 | - | 3,240 |
| December 23rd, 2006 | By Transfer | - | 2,920 | 6,160 |
If he receives ₹198 as interest on 1st January 2007, find the rate of interest paid by the bank.
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.
Mr. Sharma deposited Rs 500 every month in a cumulative deposit account for 2 years. If the bank pays interest at the rate of 7% per annum, then the amount he gets on maturity is
Mr. Sameer has a recurring deposit account and deposits ₹ 600 per month for 2 years. If he gets ₹ 15600 at the time of maturity, find the rate of interest earned by him.
₹ 800 per month is deposited in an R.D. account for one and half years. If the depositor gets ₹ 2,280 as interest at the time of maturity, the rate of interest is ______.
In a recurring deposit account, Mohit deposited ₹ 5,000 per month for one year and at maturity gets ₹ 67,500; the total interest earned is ______.
