Class 10: Banking – ICSE Board Problems – ICSE / ISC / CBSE Mathematics Portal for K12 Students

Question 1: Given the following details, calculate simple interest at the rate of 6% per annum up to June 30. [2003]

Date	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Jan 1	–	24000	24000
Jan 20	5000	–	19000
Jan 29	–	10000	29000
March 15		8000	37000
April 3		7653	44653
May 6	3040	–	41613
May 8	–	5087	46700

Answer:

Qualifying principal for various months:

Month	Principal (Rs.)
January	19000
February	29000
March	29000
April	44653
May	46700
June	46700
Total	215060

$\displaystyle P = Rs. \ 215060 \ \ R = 6\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 215060 \times \frac{6}{100} \times \frac{1}{12} = Rs. \ 1075.27$

$\\$

Question 2: Mr. Ashok has an account in the Central Bank of India. The following entries are from his passbook:-

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
01.01.05	B/F			1200
07.01.05	By Cash		500	1700
17.01.05	To Cheque	4000		1300
10..02.05	By Cash		800	2100
25.02.05	To Cheque	500		1600
20.09.05	By Cash		700	2300
21.11.05	To Cheque	600		1700
05.12.05	By Cash		300	2000

If Mr. Ashok gets Rs. 83.75 as interest at the end of the year, where the interest rate is compounded annually, calculate the rate of interest paid by the bank in his Savings Bank Account on 31st December 2005. [2006]

Answer:

Qualifying principal for various months:

Month	Principal (Rs.)
January	1300
February	1600
March	1600
April	1600
May	1600
June	1600
July	1600
August	1600
September	1600
October	2300
November	1700
December	2000
Total	20100

$\displaystyle P = Rs. \ 20100 \ \ Rate = r\% \ and \ T= \frac{1}{12} , \ Interest = Rs. \ 83.75$

$\displaystyle I = P \times R \times T$

$\displaystyle 83.75= 20100 \times \frac{r}{100} \times \frac{1}{12} \Rightarrow r = 5 \%$

$\\$

Question 3: Kiran deposited Rs. 200 per month for 36 months in a bank’s recurring deposit account. If the bank pays interest at the rate of 11% per annum, find the amount she gets on maturity. [2012]

Answer:

$\displaystyle P = Rs. \ 200, \ no \ of \ months = 36, \ r = 11\%$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle =200 \times 36 +200 \times \frac{36(36+1)}{2 \times 12} \times \frac{11}{100} = Rs. 8421$

$\\$

Question 4: Mohan deposited Rs. 80 per month in a cumulative deposit account for 6 years. Find the amount payable to him on maturity, it the rate of interest is 6% per annum. [2006]

Answer:

$\displaystyle P = Rs. \ 80, \ no \ of \ months = 72, \ r = 6\%$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle =80 \times 72 +80 \times \frac{72(72+1)}{2 \times 12} \times \frac{6}{100} = Rs. 6811.20$

$\\$

Question 5: Mr. R. K. Nair gets Rs. 6455 at the end of one year at the rate of 14% per annum in a recurring deposit account. Find the monthly installment. [2005]

Answer:

$\displaystyle P = Rs. \ x, \ no \ of \ months = 12, \ rate = 14\% \ Maturity Amount = Rs. 6455$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle 6455 =x \times 12 +x \times \frac{12(12+1)}{2 \times 12} \times \frac{14}{100}$

$\displaystyle x = \frac{6455}{12.91} = Rs. 500$

He must deposit Rs. 500 every month.

$\\$

Question 6: Ahmed has a recurring deposit account in a bank He deposits Rs. 2500 per month for 2 years. If he gets Rs. 66250 at the time of maturity, find: i) interest paid by the bank ii) rate of interest. [2011]

Answer:

$\displaystyle P = Rs. \ 2500, \ no \ of \ months = 24, \ rate = r\% \ Maturity Amount = Rs. 66250$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle 66250 =2500 \times 24 +2500 \times \frac{24(24+1)}{2 \times 12} \times \frac{r}{100} \Rightarrow r=10\%$

$\displaystyle Interest = P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle = 2500 \times \frac{24(24+1)}{2 \times 12} \times \frac{10}{100} = 6250$

Question 7: 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 8: 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 9: 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 10: 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: 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

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

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

$\\$

Question 11: Explain the following:

i) Punnet has a recurring deposit account in Bank of Baroda and deposits Rs.140 per month for 4 years. If he gets Rs.8,092 on maturity, find the rate of interest given by the bank.

ii) David opened a recurring deposit account in a bank and deposited Rs.300 per month for two years. If he received Rs.7,725 at the time of maturity, find the rate of interest per annum. [2008]

Answer:

$\displaystyle P = Rs. \ 140, \ no \ of \ months = 48, \ rate = r\% \ Maturity Amount = Rs. 8092$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle 8092 =140 \times 48 +140 \times \frac{48(48+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle r = \frac{(8092-140 \times 48) \times (2 \times 12) \times 100}{140 \times 48 \times 49} \Rightarrow r=10\%$

ii)

$\displaystyle P = Rs. \ 300, \ no \ of \ months = 24, \ rate = r\% \ Maturity Amount = Rs. 7725$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle 7725 =300 \times 24 +300 \times \frac{24(24+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle r = \frac{(7725-300 \times 24) \times (2 \times 12) \times 100}{300 \times 24 \times 25} \Rightarrow r=7\%$

$\\$

Question 12: Amit deposited 150 per month in a bank for 8 month 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? [2001, 2007]

Answer:

$\displaystyle P = Rs. \ 150, \ no \ of \ months = 8, \ r = 8\%$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle =150 \times 8 +150 \times \frac{8(8+1)}{2 \times 12} \times \frac{8}{100} = Rs. 1236$

$\\$

Question 13: Mr. Gupta opened a recurring deposit account in a bank. He deposited Rs. 2,500 per month for two years. At the time of maturity, he got Rs.67,500. Find:

The total interest earned by Mr. Gupta
The rate of interest per annum. [2010]

Answer:

$\displaystyle P = Rs. \ 2500, \ no \ of \ months = 24, \ rate = r\% \ Maturity Amount = Rs. 67500$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle 67500 =2500 \times 24 +2500 \times \frac{24(24+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle r = \frac{(67500-2500 \times 24) \times (2 \times 12) \times 100}{2500 \times 24 \times 25} \Rightarrow r=12\%$

$\displaystyle Interest =2500 \times \frac{24(24+1)}{2 \times 12} \times \frac{12}{100} = Rs. \ 7500$

$\\$

Question 14: 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

$\displaystyle P = Rs. \ 29690 \ \ R = 6\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 29690 \times \frac{6}{100} \times \frac{1}{12} = Rs. \ 148.45$

$\\$

Question 15: 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

$\displaystyle P = Rs. \ 157700 \ \ R = 5\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 157700 \times \frac{5}{100} \times \frac{1}{12} = Rs. \ 657.08 or Rs. \ 657$

$\\$

Question 16: 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:

$\displaystyle P = Rs. \ x, \ no \ of \ months = 36, \ rate = 8\% \ Maturity Amount = Rs. 8008$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle 8008 =x \times 36 +x \times \frac{36(36+1)}{2 \times 12} \times \frac{8}{100}$

$\displaystyle x = \frac{8008}{40.44} = Rs. 198.02$

He must deposit Rs. 200 every month.

$\\$

Question 17: 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:

$\displaystyle P = Rs. \ 800, \ no \ of \ months = 18, \ rate = r\% \ Maturity Amount = Rs. 15084$

$\displaystyle Maturity \ Value = P \times n + P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle 15084 =800 \times 18 +800 \times \frac{18(18+1)}{2 \times 12} \times \frac{r}{100}$

$\displaystyle r = \frac{(15084-800 \times 18) \times (2 \times 12) \times 100}{800 \times 18 \times 19} \Rightarrow r=6\%$

$\\$

Question 18: 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

$\displaystyle P = Rs. \ 42000 \ \ Rate = r\% \ and \ T= \frac{1}{12} , \ Interest = Rs. \ 175$

$\displaystyle I = P \times R \times T$

$\displaystyle 175= 42000 \times \frac{r}{100} \times \frac{1}{12} \Rightarrow r = 5 \%$

$\\$

Question 19: Mr. Dhoni has an account in the Union Bank of India. The following entries are from his passbook:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Jan 3, 07	B/F	–	–	2642.00
Jan 16, 07	To Self	640.00	–	2002.00
March 5, 07	By Cash	–	850.00	2852.00
April 10, 07	To Self	1130.00	–	1722.00
April 25, 07	By Check	–	650.00	2372.00
June 15, 07	By Cash	577.00	–	1795.00

Calculate the interest from January 2007 to June 2007 at the rate od 4% per annum. [2008]

Answer:

Qualifying principal for various months:

Month	Principal (Rs.)
January	2002
February	2002
March	2852
April	1722
May	2372
June	1795
Total	12745

$\displaystyle P = Rs. \ 12745 \ \ R = 4\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 12745 \times \frac{4}{100} \times \frac{1}{12} = Rs. \ 42.48$

$\\$

Question 20: Given below are the entries in a Saving Bank A/c passbook:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Feb 8	B/F	–	–	8500
Feb, 18	To Self	4000	–
April, 12	By Cash	–	2238
June, 15	To Self	5000	–
June, 8	By Cash	–	6000

Calculate the interest for the six months, February to July, at 4.5% per annum on the minimum balance on or after the 10th day of each month. [2000, 2007]

Answer:

Date	Particulars	Withdrawals (Rs.)	Deposits (Rs.)	Balance (Rs.)
Feb 8	B/F	–	–	8500
Feb, 18	To Self	4000	–	4500
April, 12	By Cash	–	2238	6738
June, 15	To Self	5000	–	1738
June, 8	By Cash	–	6000	7738

Qualifying principal for various months:

Month	Principal (Rs.)
February	4500
March	4500
April	4500
May	6738
June	1738
July	7738
Total	29714

$\displaystyle P = Rs. \ 29714 \ \ R = 4.5\% \ and \ T= \frac{1}{12}$

$\displaystyle I = P \times R \times T = 29714 \times \frac{4.5}{100} \times \frac{1}{12} = Rs. \ 111.43$

$\\$

ICSE / ISC / CBSE Mathematics Portal for K12 Students

Mathematics Made Easy for School Students

Class 10: Banking – ICSE Board Problems

Like this:

Related

One thought on “Class 10: Banking – ICSE Board Problems”

Leave a ReplyCancel reply

Share this:

Like this:

Related

One thought on “Class 10: Banking – ICSE Board Problems”

Leave a ReplyCancel reply