Class 10: Banking – Exercise 4(a) – ICSE / ISC / CBSE Mathematics Portal for K12 Students

Question 1: Explain the following:

i) A man opened saving bank account in State Bank of India on 3^rd Sept. 12 with Rs.2,700. He withdrew Rs.1,200 from the bank on 8^th Sept. 12 and deposited Rs.500 on 17^th Sept. 12. If he did not make any further deposits or withdrawals during this month; find the amount on which he would receive interest for sept.12

ii) A woman opened a saving bank account in Bank on 7^th Nov. 08 and deposited Rs.750. She withdrew Rs.200 on 30^th Nov. 08. If no other withdrawals or deposit was made by her during this month; find the amount on which she would receive interest for the month of November 08.

Answer:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
3-09-12	Cash		2700	2700
8-09-12	Cash	1200		1500
10-09-12				1500
17-09-12	Cash		500	2000

Amount on which you get interest = the minimum balance on 10^th day up to the last day of the month = Rs. 1500

ii)

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
7-11-08	Cash		750	750
10-11-08				750
30-11-08	Cash	200		550

Amount on which you get interest = the minimum balance on 10^th day up to the last day of the month = Rs. 550

$\\$

Question 2: A man open a saving bank account with a Bank on 22^nd Feb 1998 and deposited Rs.300. He further deposited Rs.1,500 on 5^th March 1998 and withdrew Rs.500 on 12^th April 1998. Assuming that he neither deposit nor withdrew any money up to the last day of May 1998; write the amounts on which he would receive interest for:

Feb, 1998
March, 1998
April, 1998
May, 1998

Answer:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
10-02-98				0
22-02-98	Cash		300	300
28-02-98				300
5-03-98	Cash		1500	1800
10-03-98				1800
31-03-98				1800
10-04-98				1800
12-04-98	Cash	500		1300
30-04-98				1300
10-05-98				1300
31-05-98				1300

Amount on which you get interest = the minimum balance on 10^th day up to the last day of the month

Therefore for:

Feb 1998 you get interest on Rs. 0

March 1998 you get interest on Rs. 1800

April 1998 you get interest on Rs. 1300

May 1998 you get interest on Rs. 1300

$\\$

Question 3: A man has saving Bank account in a bank. In the months of April,11 and May,11 he had the following entries in his passbook.

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (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 he will get interest for the months or April, 2011 and May, 2011.

Answer:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
April 1	By Balance			4,600.00
April 7	By Cash		1,200.00	5,800.00
April 10				5800.00
April 24	To Cheque	800.00		5,000.00
May 10				5000.00
May 16	By Cheque		2,000.00	7,000.00
May 29	To Cash	1,500.00		5,500.00

Amount on which you get interest = the minimum balance on 10^th day up to the last day of the month

Therefore for April 2011 the amount would be Rs. 5000 and May 2011 the amount would be Rs. 5000 as well.

$\\$

Question 4: A page from the passbook of a woman is below:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Jan. 5	Balance B/F			3,750.00
March 7	To Cheque	1,200.00
April 2	By Cheque		2,300.00
April 10	By Cheque		820.00
Oct. 6	To Cheque	950.00
Dec. 8	By Cash		1,700.00

Complete the passbook and then calculate the interest for the period January to December at 5% per Annum.

Answer:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Jan. 5	Balance B/F			3,750.00
March 7	To Cheque	1,200.00		2550.00
April 2	By Cheque		2,300.00	4850.00
April 10	By Cheque		820.00	5670.00
Oct. 6	To Cheque	950.00		4720.00
Dec. 8	By Cash		1,700.00	6420.00

For January amount on which you get interest = the minimum balance on 10^th day up to the last day of the month = Rs. 3750

Qualifying principal for various months:

Month	Principal (Rs.)
January	3750
February	3750
March	2550
April	5670
May	5670
June	5670
July	5670
August	5670
September	5670
October	4720
November	4720
December	6420
Total	59930

$\displaystyle P = Rs. \ 59930 R = 5\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 59930 \times \frac{5}{100} \times \frac{1}{12} = Rs. \ 249.71$

$\\$

Question 5: The entries in a Saving Bank passbook are given below:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
01.01.03	B/F			14,00.00
01.02.03	By Cash		11,500.00	25,500.00
12.02.03	To Cheque	5,000		20,500.00
05.04.03	By Cash		3,750.00	24,250.00
15.04.03	To Cheque	4,250.00		20,000.00
09.05.03	By Cash		1,500.00	21,500.00
04.06.03	By Cash		1,500.00	23,000.00

Calculate the interest for six months (January to June) at 4% per Annum on the minimum balance on or after the tenth day of each month. [2004]

Answer:

Qualifying principal for various months:

Month	Principal (Rs.)
January	14000
February	20500
March	20500
April	20000
May	21500
June	23000

Total = Rs. 119500

$\displaystyle P = Rs. \ 119500 R = 4\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 119500 \times \frac{4}{100} \times \frac{1}{12} = Rs. \ 398.33$

$\\$

Question 6: A page from the passbook of Mrs. Rama Bhalla is given below:

Date Year 2004	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
January 1	B/F			2,000.00
January 9	By Cash		200.00	2,200.00
February 10	To Cheque	500.00		1,700.00
February 24	By Cheque		300.00	2,000.00
July 29	To Cheque	200.00		1,800.00
November 7	By Cash		300.00	2,100.00
December 8	By Cash		200.00	2,300.00

Calculate the interest to Mrs. Rama Bhalla for the period of January 2004 to December 2004, at the rate of 5% per annum. [2005]

Answer:

Qualifying principal for various months:

Month	Principal (Rs.)
January	2200
February	1700
March	2000
April	2000
May	2000
June	2000
July	1800
August	1800
September	1800
October	1800
November	2100
December	2300
Total	23500

$\displaystyle P = Rs. \ 23500 R = 5\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 23500 \times \frac{5}{100} \times \frac{1}{12} = Rs. \ 97.92$

$\\$

Question 7: A man has a Saving bank account with Post Office.

Calculate the interest earned by him during the year 2010 at 6.5% per annum payable in December if the entries during the year in his passbook are as given below:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)
2.1.10	By Cash		250.00
9.1.10	By Cheque		825.00
13.3.10	To Cash	325.00
24.7.10	By Cash		1,237.00
6.10.10	To Cheque	250.00
22.12.10	By Cheque		958.00

Also, Calculate the interest when the principal for every month is taken as the nearest multiple of Rs.10.

Answer:

Completing the passbook

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance
2.1.10	By Cash		250.00	250.00
9.1.10	By Cheque		825.00	1075.00
13.3.10	To Cash	325.00		750.00
24.7.10	By Cash		1,237.00	1987.00
6.10.10	To Cheque	250.00		1737.00
22.12.10	By Cheque		958.00	2695.00

Qualifying principal for various months:

Month	Principal (Rs.)	Principal (nearest to Rs. 10)
January	1075	1080
February	1075	1080
March	750	750
April	750	750
May	750	750
June	750	750
July	750	750
August	1987	1990
September	1987	1990
October	1737	1740
November	1737	1740
December	1737	1740
Total	15085	15110

$\displaystyle P = Rs. \ 15085 R = 6.5\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 15085 \times \frac{6.5}{100} \times \frac{1}{12} = Rs. \ 81.71$

ii)

$\displaystyle P = Rs. \ 15110 R = 6.5\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 15110 \times \frac{6.5}{100} \times \frac{1}{12} = Rs. \ 81.85$

$\\$

Question 8: A Saving bank account was opened by a woman on 3.7.12 and closed on 31.01.13. the entries in the passbook of were as given below:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
3.7.12	By Cash		690.00
15.7.12	By Cash		1,153.00
27.8.12	By Cheque		2,468.00
30.8.12	To Cash	946.00
12.9.12	To Cheque	1,000.00
20.11.12	By Cheque		3,000.00
26.11.12	By Cash		750.00
28.11.12	To Cash	1,570.00

By finding the balance on different dates of entries calculate the interest earned by her. For the period, she has this saving bank account, at rate of 6% p.a.

Also, Calculate the interest when the principal for every month is taken as the nearest multiple of Rs.10

Answer:

First completing the table

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
3.7.12	By Cash		690.00	690.00
15.7.12	By Cash		1,153.00	1843.00
27.8.12	By Cheque		2,468.00	4311.00
30.8.12	To Cash	946.00		3365.00
12.9.12	To Cheque	1,000.00		2365.00
20.11.12	By Cheque		3,000.00	5365.00
26.11.12	By Cash		750.00	6115.00
28.11.12	To Cash	1,570.00		4545.00

Qualifying principal for various months:

Month	Principal (Rs.)	Principal (nearest to Rs. 10)
July	690	690
August	1843	1840
September	2365	2370
October	2365	2370
November	2365	2370
December	4545	4550
Total	14173	14190

$\displaystyle P = Rs. \ 14173 R = 6.0\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 14173 \times \frac{6.0}{100} \times \frac{1}{12} = Rs. \ 70.87$

ii)

$\displaystyle P = Rs. \ 14190 R = 6.0\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 14190 \times \frac{6}{100} \times \frac{1}{12} = Rs. \ 70.95$

$\\$

Question 9: A man had a saving Bank account with the State Bank of India, from 13^th Feb. 09 to 6^th August 09. The following table shows the entries in her passbook for the above said period. Calculate the interest earned by him on his S.B. Account up to 31^st July,09 at the rate of 5% per annum.

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Feb. 13	By Cash		500.00	500.00
March 3	By Cheque		735.00	1,235.00
March 14	By Cheque		1,040.00	2,275.00
May 10	To Cheque	240.00		2,035.00
May 22	To Cash	430.00		1,605.00
June 09	By Cash		780.00	2,385.00
July 26	To Cash	980.00		1,405.00

Answer:

Qualifying principal for various months:

Money	Principal (Rs.)
February	0
March	1235
April	2275
May	1605
June	2385
July	1405
Total	8905

$\displaystyle P = Rs. \ 8905 R = 5.0\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 8905 \times \frac{5}{100} \times \frac{1}{12} = Rs. \ 37.10$

$\\$

Question 10: A page from the passbook of a saving bank account in a particular year is given below:

Date	Particulars	Debit (Rs.)	Credit (Rs.)	Balance (Rs.)
Jan. 3	By Cash		5,000.00	5,000.00
Feb 13	To Self	500.00
March 24	By Cheque		2,000.00
March 31	By Interest
May 20	By Cash		800.00
July 7	To Cheque	1,400.00
July 18	By Cash		1,600.00
Sept. 15	To Cheque	3,200.00
Sept. 26	By Cheque		2,350.00

If the interest is calculated at 6% p.a. and is compounded at the end of March and September every year find the interest earned up to 31^st March and then after completing all the entries, find the amount that the account holder would have receive had he closed the account on 20^th Oct. the same year.

Answer:

Date	Particulars	Debit (Rs.)	Credit (Rs.)	Balance (Rs.)
Jan. 3	By Cash		5,000.00	5,000.00
Feb 13	To Self	500.00		4500.00
March 24	By Cheque		2,000.00	6500.00
March 31	By Interest		70.00	6570.00
May 20	By Cash		800.00	7370.00
July 7	To Cheque	1,400.00		5970.00
July 18	By Cash		1,600.00	7570.00
Sept. 15	To Cheque	3,200.00		4370.00
Sept. 26	By Cheque		2,350.00	6720.00
Sept. 31	By Interest

March Interest:

$\displaystyle P = Rs. \ 14000 R = 6.0\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 14000 \times \frac{6}{100} \times \frac{1}{12} = Rs. \ 70$

Qualifying principal for various months:

Month	Principal (Rs.)
January	5000
February	4500
March	4500
April	6570
May	6570
June	7370
July	5970
August	7570
September	4370
Total	52420

September Interest:

$\displaystyle P = Rs. \ 52420 R = 6.0\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 52420 \times \frac{6}{100} \times \frac{1}{12} = Rs. \ 262.10$

Amount the person will get = Rs. 6720+262.10 = Rs. 6982.10

$\\$

Question 11: A page from Saving Bank account of Mr. Prateek is given below:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
January 1^st 2006	B/F	–	–	1,270
January 7^th 2006	By Cheque	–	2,310	3,580
March 9^th 2006	To Self	2,000	–	1,580
March 26^th 2006	By Cash	–	6,200	7,780
June 10^th 2006	To Cheque	4,500	–	3,280
July 15^th 2006	By Clearing	–	2,630	5,910
October 18^th 2006	To Cheque	530	–	5,380
October 27^th 2006	To Self	2,690	–	2,690
November 3^rd 2006	By Cash	–	1,500	4,190
December 6^th 2006	To Cheque	950	–	3,240
December 23^rd 2006	By Transfer	–	2,920	6,160

If he receives Rs.198 as interest on 1^st January 2007. Find the rate of interest paid by the bank. [2012]

Answer:

Qualifying principal for various months:

Month	Principal (Rs.)
January	3580
February	3580
March	1580
April	7780
May	7780
June	3280
July	3280
August	5910
September	5910
October	2690
November	4190
December	3240
Total	52800

$\displaystyle P = Rs. \ 52800 R = x\% \ and \ T= \frac{1}{12} I = Rs. \ 198$

$\displaystyle I = P \times R \times T \Rightarrow 52800 \times \frac{x}{100} \times \frac{1}{12} = 198 \Rightarrow x = 4.5 \%$

$\\$

Question 12: A man holds a Saving Bank account in the Union Bank of India. A page of his passbook shows the following entries:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
May 1	B/F			3,200.00
May 6	By Cheque		500.00	3,700.00
May 17	By Cheque		800.00	4,500.00
June 4	By Cash		1,300.00	5,800.00
June 9	To Cheque	1,650.00		4,150.00

Calculate the rate of interest per annum if the total interest earned for the month of May and June is Rs.39.25.

Answer:

$\displaystyle P = Rs. \ 7850 R = x\% \ and \ T= \frac{1}{12} I = Rs. \ 39.25$

$\displaystyle I = P \times R \times T \Rightarrow 7850 \times \frac{x}{100} \times \frac{1}{12} = 39.25 \Rightarrow x = 6 \%$

$\\$

Question 13: A page from the passbook of a man is given below. The interest accrued for the period of January to December 2006 at a certain rate of interest p.a is Rs.377.40. without taking the principal as the nearest multiple of Rs.10, calculate the rate:

Date 2006	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Jan. 1	By Balance			7,500.00
March 7	By Cheque		1,875.00
March 10	By Cash		625.00
July 17	To Self	3,250.00
Oct. 5	By Cheque		2,160.00
Dec. 19	To Cheque	1,340.00

Answer:

Date 2006	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Jan. 1	By Balance			7,500.00
March 7	By Cheque		1,875.00	9375.00
March 10	By Cash		625.00	10000.00
July 17	To Self	3,250.00		6750.00
Oct. 5	By Cheque		2,160.00	8910.00
Dec. 19	To Cheque	1,340.00		7570.00

Qualifying principal for various months:

Month	Principal (Rs.)
January	7500
February	7500
March	10000
April	10000
May	10000
June	10000
July	6750
August	6750
September	6750
October	8910
November	8910
December	7570
Total	100640

$\displaystyle P = Rs. \ 100640 R = x\% \ and \ T= \frac{1}{12} I = Rs. \ 377.40$

$\displaystyle I = P \times R \times T \Rightarrow 100640 \times \frac{x}{100} \times \frac{1}{12} = 377.40 \Rightarrow x = 4.5 \%$

$\\$

Question 14: A man opened a Saving Bank Account with the State Bank of India on 5^th April 2007 with Rs.8,500. For the financial year 2007-2008, the other transactions with the bank as given below;

15-05-2007; Deposited Rs.3,700
27-07-2007; Withdrew Rs.2,400
06-09-2007; Withdrew Rs.1,600
18-12-2007; Deposited Rs.4,500
29-01-2008; Deposited Rs.1,900
23-03-2008; Account closed.

Taking rate of interest as 6% per annum, find the amount that he gets on closing the account.

Answer:

Date 2007	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
5-04-2007	Cash		8500	8500
15-05-2007	Cash		3700	12200
27-07-2007	Cash	2400		9800
06-09-2007	Cash	1600		8200
18-12-2007	Cash		4500	12700
29-01-2008	Cash		1900	14600
23-03-2008	Account Closed

Qualifying principal for various months:

Month	Principal (Rs.)
April	8500
May	8500
June	12200
July	9800
August	9800
September	8200
October	8200
November	8200
December	8200
January	12700
February	14600
Total	108900

$\displaystyle P = Rs. \ 108900 R = 6.0\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 108900 \times \frac{6}{100} \times \frac{1}{12} = Rs. \ 544.50$

$Amount = 14600 + 544.50 = Rs. \ 15144.50$

$\\$

Question 15: A woman has a saving bank account with the Punjab & National Bank. She had the following transaction (From 1^st January 2007 to 31^st December 2007) with the bank:

01-01-2007; B/F Rs.8,764/-
13-03-2007; deposited Rs.6,482/-
22-06-2007; withdrew Rs.4,369/-
09-08-2007; withdrew Rs.1,333/-
24-11-2007; deposited Rs.2,158/-

Calculate the interest accrued up to 31^st December 2007; if the rate of interest is 5% compounded yearly and the principal for every month is taken the nearest multiple of 10.

Answer:

Date 2007	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
01-01-2007	Account Opened		8764.00	8764.00
13-03-2007	Cash		6482.00	15246.00
22-06-2007	Cash	4369.00		10877.00
09-08-2007	Cash	1333.00		9544.00
24-11-2007	Cash		2158.00	11702.00

Qualifying principal for various months:

Month	Principal (Rs.)	Principal(nearest to Rs. 10)
January	8764	8760
February	8764	8760
March	8764	8760
April	15246	15250
May	15246	15250
June	10877	10880
July	10877	10880
August	9544	9540
September	9544	9540
October	9544	9540
November	9544	9540
December	11702	11700
Total	128416	128400

$\displaystyle P = Rs. \ 128400 R = 5.0\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 128400 \times \frac{5}{100} \times \frac{1}{12} = Rs. \ 535$

$\\$

Question 16: Mrs. Kapoor opened a Saving Bank Account in State Bank of India on 9^th January 2008. Her passbook entries for the year 2008 are given below:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Jan. 9, 2008	By Cash	–	10,000	10,000
Feb. 12, 2008	By Cash	–	15,500	25,500
April 6, 2008	To Cheque	3,500	–	22,000
April 30, 2008	To Self	2,000	–	20,000
July 16, 2008	By Cheque	–	6,500	26,500
Aug. 4, 2008	To Self	5,500	–	21,000
Aug. 20, 2008	To Cheque	1,200	–	19,800
Dec. 12, 2008	By Cash	–	1,700	21,500

Mrs. Kapoor closed the account on 31^st December 2008. If the bank pays interest at 4% per annum, find the interest he receives on closing the account. Give your answer correct to the nearest rupee. [2010]

Answer:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Jan. 9, 2008	By Cash	–	10,000	10,000
Feb. 12, 2008	By Cash	–	15,500	25,500
April 6, 2008	To Cheque	3,500	–	22,000
April 30, 2008	To Self	2,000	–	20,000
July 16, 2008	By Cheque	–	6,500	26,500
Aug. 4, 2008	To Self	5,500	–	21,000
Aug. 20, 2008	To Cheque	1,200	–	19,800
Dec. 12, 2008	By Cash	–	1,700	21,500

Qualifying principal for various months:

Month	Principal (Rs.)
January	10000
February	10000
March	25500
April	20000
May	20000
June	20000
July	20000
August	19800
September	19800
October	19800
November	19800
Total	204700

$\displaystyle P = Rs. \ 204700 R = 4.0\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 204700 \times \frac{4}{100} \times \frac{1}{12} = Rs. \ 682.33 or Rs. 682$

$\\$

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Class 10: Banking – Exercise 4(a)

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