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 as interest at the time of maturity, find
(i) The monthly deposit
(ii) The maturity value
( i ) Let the deposit per month = Rs. P
Number of months = ( n ) = 36
Rate of interest ( r ) = 7.5 % p.a.
( ii ) Maturity value = P x n + S.I.
= Rs. ( 2000 x 36 + 8325 )
= Rs. 80,325.
Mr. Lalit invested Rs. 5000 at a certain rate of interest, compounded annually for two years. At the end of first year it amounts to Rs. 5325. Calculate
(i) The rate of interest
(ii) The amount at the end of second year, to the nearest rupee.
( i ) P = Rs. 5000, T = 1 year, A = Rs. 5325
I = A - P
So, the interest at the end of first year is Rs. 325
So, the rate of interest at the end of the first year is 6.5 %.
( ii ) The amount at the end of the first year will be the principal for the second year.
P = Rs. 5325, T = 1 year, R = 6.5 %
So, the amount at the end of the second year is Rs. 5671.
Jaya borrowed Rs. 50,000 for 2 years. The rates of interest for two successive years are 12% and 15% respectively. She repays 33,000 at the end of the first year. Find the amount she must pay at the end of the second year to clear her debt.
For 1st year :
P = Rs. 50,000; R = 12 % and T = 1 year
And, Amount = Rs. 50,000 + Rs. 6,000 = Rs. 56,000
Since Money repaid = Rs. 33,000
Balance = Rs. 56,000 - Rs. 33,000
= Rs. 23,000
For 2nd year :
P = Rs. 23,000; R = 15 % and T = 1 year
And, Amount = Rs. 23,000 + Rs. 3,450
= Rs. 26,450
Thus, Jaya must pay Rs. 26,450 at the end of 2nd year to clear her debt.
A page from a savings bank account passbook is given below:
Date | Particulars |
Amount withdrawn ( Rs. ) |
Amount Deposited ( Rs. ) |
Balance ( Rs. ) |
Jan 7, 2016 | 3000.00 | |||
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 |
(i) Calculate the interest for the 6 months from January to June 2016, at 6% per annum.
(ii) If the account is closed on 1st July 2016, find the amount received by the account holder.
Principal for the month of Jan = Rs. 5600
Principal for the month of Feb = Rs. 4100
Principal for the month of Mar = Rs. 4100
Principal for the month of Apr = Rs. 2000
Principal for the month of May = Rs. 8500
Principal for the month of June = Rs. 10000
Total Principal for one month = Rs. 34300
Rate of interest = 6 % pa
( ii ) Total amount = Rs. 10000 + Rs. 171.50
= Rs. 10171.50
Priyanka has a recurring deposit account of Rs. 1000 per month at 10% per annum. If she gets Rs. 5550 as interest at the time of maturity, find the total time for which the account was held.
Given: P = Rs. 1000, r = 10 % and I = Rs. 5550
Since number of months cannot be negative, we reject n = - 37
n = 36
Thus, total time is 36 months.