Question 1: Explain the following:

i) A man opened saving bank account in State Bank of India on 3rd Sept. 12 with Rs.2,700. He withdrew Rs.1,200 from the bank on 8th Sept. 12 and deposited Rs.500 on 17th 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 7th Nov. 08 and deposited Rs.750. She withdrew Rs.200 on 30th 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.

i)

 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 10th 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 10th day up to the last day of the month = Rs. 550 $\\$

Question 2: A man open a saving bank account with a Bank on 22nd Feb 1998 and deposited Rs.300. He further deposited Rs.1,500 on 5th March 1998 and withdrew Rs.500 on 12th 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

 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 10th 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.

 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 10th 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.

 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 10th 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. 

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. 

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.

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

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

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

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

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

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 13th Feb. 09 to 6th 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 31st 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

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 31st March and then after completing all the entries, find the amount that the account holder would have receive had he closed the account on 20th Oct. the same year.

 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 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 Rs.198 as interest on 1st January 2007. Find the rate of interest paid by the bank. 

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

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

 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 5th 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.

 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 1st January 2007 to 31st 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 31st December 2007; if the rate of interest is 5% compounded yearly and the principal for every month is taken the nearest multiple of 10.

 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 9th 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 31st 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. $\displaystyle P = Rs. \ 204700 R = 4.0\% \ and \ T= \frac{1}{12}$ $\displaystyle I = P \times R \times T = 204700 \times \frac{4}{100} \times \frac{1}{12} = Rs. \ 682.33 or Rs. 682$ $\\$