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Question
Rekha opened a recurring deposit account for 20 months. The rate of interest is 9% per annum and Rekha receives Rs. 441 as interest at the time of maturity. Find the amount Rekha deposited each month.
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Solution
Let the monthly installment i.e P = Rs. x.
Since n = 20 months and r = 9%
∴ Interest `= P xx (n(n + 1))/(2 xx 12) xx r/100`
= `(x xx 20(21))/(2 xx 12) xx 9/100`
= `(x xx 20 xx 21)/(2 xx 12) xx 9/100`
= `(x xx 5 xx 7 xx 9)/(2 xx 100)`
Interest = 1.575 × P
Interest = 441 {Given}
⇒ 1.575x = 441
⇒ x = 280 Rs.
RELATED QUESTIONS
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Amount Deposited (Rs.) |
Balance (Rs.) |
| Jan 7, 2016 | B/F | 3,000.00 | ||
| Jan 10, 2016 | By Cheque | 2600.00 | 5600.00 | |
| Feb 8, 2016 | To Self | 1500.00 | 4100.00 | |
| Apr 6, 2016 | By Cheque | 2100.00 | 2000.00 | |
| May 4, 2016 | By Cash | 6500.00 | 8500.00 | |
| May 27, 2016 | By Cheque | 1500.00 | 10000.00 |
1) Calculate the interest for the 6 months from January to June 2016, at 6% per annum.
2) If the account is closed on 1st July 2016, find the amount received by the account holder.
Mr. Richard has a recurring deposit account in a bank for 3 years at 7.5% p.a. simple interest. If he gets Rs. 8325 interest at the time of maturity, find:
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| Date | Particulars | Amount Withdrawn (Dr) Rs P | Amount Deposits (Cr) Rs. P | Balance Rs. P |
| Feb 13 | By Cash | 500.00 | 500.00 | |
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| 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 |
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Calculate the interest due to Mrs. Bhalla for the period from January 2004 to December 2004, at the rate of 5% per annum.
| Date Year 2004 |
Particulars | Amount (₹) Withdrawals |
Amount (₹)Deposits |
Balance (₹) |
| January 1 | B/F | - | - | 2,000.00 |
| January 9 | By cash | - | 200.00 | 2,200.00 |
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| July 29 | To cheque | 200.00 | - | 1,800.00 |
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