Question 1: Given below are the entries in a saving Bank A/C passbook:

Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |

Feb. 8 | B/F | – | – | 8,500 |

Feb. 18 | To Self | 4,000 | – | 4,500 |

April 12 | By Cash | – | 2,230 | 6,730 |

June 15 | To Self | 5,000 | – | 1,730 |

July 8 | By Cash | – | 6,000 | 7,730 |

Calculate the interest for six months from February to July at 6% p.a. [2013]

Answer:

Qualifying principal for various months:

Month | Principal (Rs.) |

February | 4500 |

March | 4500 |

April | 4500 |

May | 6730 |

June | 1730 |

July | 7730 |

Total | 29690 |

Question 2: A page from a passbook of saving bank account is given below:

Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |

09.08.1999 | By Cash | – | 10,000 | 10,000 |

11.08.1999 | By Cheque | – | 5,000 | 15,000 |

05.10.1999 | To Cheque | 12,000 | – | 3,000 |

10.10.1999 | By Cash | – | 17,000 | 20,000 |

27.11.1999 | By Cheque | 5,000 | – | 15,000 |

29.11.1999 | By Cash | – | 3,000 | 18,000 |

The account is closed on 2^{nd} January 2000. Find the amount received, if the rate of interest is 5% p.a.

Answer:

Qualifying principal for various months:

Month | Principal (Rs.) |

August | 10000 |

September | 15000 |

October | 20000 |

November | 15000 |

December | 18000 |

January | 0 |

Total | 78000 |

Amount received

Question 3: A person had a Account in Bank. His passbook had the following entries:

Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |

Jan. 1, 2000 | By Balance | – | – | 9,600 |

Jan. 8 | By Cash | – | 6,000 | 15,600 |

Feb. 18 | To Cheque | 10,500 | – | 5,100 |

May 19 | By Cash | – | 6,300 | 11,400 |

July 15 | By Self | 2,400 | – | 9,000 |

Oct. 7 | By Cash | – | 3,600 | 12,000 |

On October 30th, 2000, he closed the account. If the amount of interest he received on closing account on 30^{th} Oct. 2000 is Rs.310; Calculate the rate of interest per annum.

Answer:

Qualifying principal for various months:

Month | Principal (Rs.) |

January | 15600 |

February | 5100 |

March | 5100 |

April | 5100 |

May | 5100 |

June | 11400 |

July | 9000 |

August | 9000 |

September | 9000 |

October | 12000 |

Total | 86400 |

, Rate

Question 4: A person deposited 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.

Answer:

, no of months

Maturity Value

Question 5: A person has a recurring deposit account in a bank and deposits 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of this account is Rs.1,554.

Answer:

, no of months , Rate Maturity Amount

Maturity Value

Question 6: The maturity value of recurring deposit account is 16,176. If the monthly installment is Rs.400 and the rate of interest is 8% find the time of this Account.

Answer:

, no of months , Rate Maturity Amount

Maturity Value

or

Hence n = 36 months.

Notes: Please refer to quadratic equations for solving this.

Question 7: A person needs Rs.30,000 after 2 years. What least money (in multiple of Rs.5) must he deposit every month in Recurring Deposit account to get required money after 2 years, the rate of interest being 8% p.a.

Answer:

, no of months , Rate Maturity Amount

Maturity Value

He must deposit Rs. 1155 every month.

Question 8: A person has a recurring deposit account in a bank for 3 years at 8% p.a. simple interest. If he gets 9,990 as interest at the time of maturity, find

- The monthly installment.
- The amount of maturity

Answer:

, no of months , Rate Interest Amount

Interest Value

Maturity Value

Question 9: A person has cumulative recurring deposit account and deposits 900 per month for a period of 4 years, if he gets Rs.52,020 at the time of maturity, find the rate of interest.

Answer:

, no of months , rate Maturity Amount

Maturity Value

Question 10: A person has a 4 year recurring deposit account in a bank and deposits 1,800 per month. If she gets Rs.1,08,450 at the time of maturity, find the rate of interest.

Answer:

, no of months , Rate Maturity Amount

Maturity Value

Question 11: Chaudhary opened a saving bank account at State Bank of India on 1^{st} April 2007. The entries of one year as shown in his passbook are given below:

Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |

1^{st} April 2007 |
By Cash | – | 8,550.00 | 8,550.00 |

12^{th} April 2007 |
To Self | 1,200.00 | – | 7,350.00 |

24^{th} April 2007 |
By Cash | – | 4,550.00 | 11,900.00 |

8^{th} July 2007 |
By Cheque | – | 1,500.00 | 13,400.00 |

10^{th} Sept. 2007 |
By Cheque | – | 3,500.00 | 16,900.00 |

17^{th} Sept. 2007 |
To Cheque | 2,500.00 | – | 14,400.00 |

11^{th} Oct. 2007 |
By Cash | – | 800.00 | 15,200.00 |

6^{th} Jan. 2008 |
To Self | 2,000.00 | – | 13,200.00 |

9^{th} March 2008 |
By Cheque | – | 950.00 | 14,150.00 |

If the bank pays interest at the rate of 5% per annum, find the interest paid on 1^{st} April 2008. Give your answer correct to nearest rupee. [2011]

Answer:

Qualifying principal for various months:

Month | Principal (Rs.) |

April | 7350 |

May | 11900 |

June | 11900 |

July | 13400 |

August | 13400 |

September | 14400 |

October | 14400 |

November | 15200 |

December | 15200 |

January | 13200 |

February | 13200 |

March | 14150 |

Total | 157700 |

Question 12: Bitto deposits a certain sum of money in a recurring deposit account of a Bank. If the rate of interest of 8% per annum and Mr. Bitto gets Rs.8,008 from the bank after 3 years, find the value of his monthly installment. [2013]

Answer:

, no of months , Rate Maturity Amount

Maturity Value

He must deposit Rs. every month.

Question 13: Shahrukh opened a recurring deposit account in a bank and deposited 800 per month for 1 ½ years. If he received Rs.15,084 at the time of maturity. Find the interest rate per annum. [2014]

Answer:

, no of months , Rate Maturity Amount

Maturity Value

Question 14: A page from the saving account of Priyanka is given below:

Date | Particulars | Withdrawals (Rs.) | Deposits (Rs.) | Balance (Rs.) |

03/04/2006 | B/F | 4000.00 | ||

05/04/2006 | By Cash | 2000.00 | 6000.00 | |

18/04/2006 | By Cheque | 6000.00 | 12000.00 | |

25/05/2006 | To Cheque | 5000.00 | 7000.00 | |

30/05/2006 | By Cash | 3000.00 | 10000.00 | |

20/07/2006 | By Self | 4000.00 | 6000.00 | |

10/09/2006 | By Cash | 2000.00 | 8000.00 | |

19/09/2006 | To Cheque | 1000.00 | 7000.00 |

If the interest earned by Priyanka for the period ending September 2006 is Rs.175, find the rate of interest. [2014]

Answer:

Qualifying principal for various months:

Month | Principal (Rs.) |

April | 6000 |

May | 7000 |

June | 10000 |

July | 6000 |

August | 6000 |

September | 7000 |

Total | 42000 |

Rate , Interest