Advertisements
Advertisements
Question
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 |
Advertisements
Solution
| Months | Minimum balance between 10th day and the last day |
| Jan | 14200 |
| Feb | 11750 |
| MAr | 27350 |
Total principal at the end of March =Rs 53,300
Interest at the end of March
= `(53300 xx 4.5 xx 1)/(100 xx 12) = 199.87`
Thus the interest is Rs 200 Now entering the interest in pass book we get the remaining balances as below:
| 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 | 200.00 | 37400.00 | |
| 06.06.2006 | To Cheque | 4100.00 | 33300.00 | |
| 22.08.2006 | To Cash | 1500.00 | 31800.00 | |
| 05.09.2006 | By Cheque | 17300.00 | 49100.00 | |
| 09.09.2006 | To Cash | 6300.00 | 42800.00 | |
| 30.09.2006 | By Interest | 810.00 | 43610.00 | |
| 04.12.2006 | To Cash | 3000.00 | 40610.00 | |
| 11.12.2006 | By Cheque | 11760.00 | 52370.00 |
* Interest calculated below.
For calculating interest at the end of September.
| Months | Minimum balance between 10th day and the last day |
| Apr | 37400 |
| May | 37400 |
| June | 33300 |
| July | 33300 |
| Aug | 31800 |
| Sep | 42800 |
Total principal at the end of September= Rs 216000
Interest = `(216000 xx 4.5 xx 1)/(100 xx 12) = 810`
Now entering the interest in the pass book above, we get the balance Rs 52,370 at the end o year.
APPEARS IN
RELATED QUESTIONS
Pramod deposits Rs. 600 per month in a Recurring Deposit Account for 4 years. If the rate of interest is 8% per year; calculate the maturity value of his account.
The following are the entries in the passbook of a saving account of Ananya during the year 2007. If interest is calculated at 5 % pa, find the interest earned by Ananya during the year
| Date | Particulars | Withdrawals | Deposits | Balance |
| 01.01.2007 | By B/F | 6500.00 | ||
| 05.02.2007 | By Cheque | 7500.00 | 14000.00 | |
| 09.02.2007 | To Cash | 1500.00 | 12500.00 | |
| 06.06.2007 | By Cash | 1725.00 | 14225.00 | |
| 08.09.2007 | By Cheque | 375.00 | 14600.00 | |
| 06.11.2007 | By Cash | 6000.00 | 20600.00 | |
| 10.12.2007 | To Cheque | 2500.00 | 18100.00 |
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.
Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value.
Amit deposited Rs. 150 per month in a bank for 8 months under the Recurring Deposit Scheme. What will be the maturity value of his deposits, if the rate of interest is 8% per annum and interest is calculated at the end of every month?
Given below are the entries in a Savings Bank A/c passbook:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| Feb 8 | B/F | - | - | ₹ 8,500 |
| Feb 18 | To self | ₹ 4,000 | - | - |
| April 12 | By cash | - | ₹ 2,230 | - |
| June 15 | To self | ₹ 5,000 | - | - |
| July 8 | By cash | - | ₹ 6,000 | - |
Calculate the interest for six months from February to July at 6 % p.a.
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. 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.
₹ 900 is deposited every month in a recurring deposit account at 10% rate of interest, the interest earned in 8 months is ______.
₹ 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 ______.
