[2 Mark Question Answer]

Question 12 Marks

Given the following details, calculate the simple interest at the rate of 6% per annum up to June, 30:

Date	Debit (in ₹)	Credit (in ₹)	Balance (in ₹)
January 1	-	24,000·00	24,000·00
January 20	5,000·00	-	19,000·00
January 29	-	10,000·00	29,000·00
March 15	-	8,000·00	37,000·00
April 3	-	7,653·00	44,653·00
May 6	3,040·00	-	41,613·00
May 8	-	5,087·00	46,700·00

Answer

Minimum balance in January = ₹ 19,000·00
Minimum balance in February = ₹ 29,000.00
Minimum balance in March = ₹ 29,000.00
Minimum balance in April = ₹ 44,650.00
Minimum balance in May = ₹ 46,700.00
Minimum balance in June = ₹ 46,700.00
Total = ₹ 2,15,050.00
∴ Interest = ₹ $\frac{2,15,050 \times 6}{100} \times \frac{1}{12}$
= ₹ 1,075.25

View full question & answer→

Question 22 Marks

Kiran deposited 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.

Answer

Interset = $\frac{ P n(n+1) \times R }{2,400}$
$=\frac{200 \times 36 \times 37 \times 11}{2,400}$
= 3 x 37 x 11
= ₹ 1,221
Sum deposited = 36 x 200 = ₹ 7,200
Amount = 7,200 + 1,221 = ₹ 8,421

View full question & answer→

Question 32 Marks

Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value.

Answer

$P=\frac{36(36+1)}{2} \times 1,000 $
$ \text { Interest }=\frac{36 \times 37 \times 1,000 \times 8}{2 \times 12 \times 100}$
$ =12 \times 37 \times 10 $
$=4,440$
Matured valued $= 36,000 + 4,440 = ₹ 40,440$

View full question & answer→

Question 42 Marks

Mohan saves Rs. 25 per month from his pocket allowance and puts this saving every month in a bank recurring deposit scheme for a period of 72 months at 5.25%. What amount does he get on maturity?

Answer

See the table of Recurring deposit scheme. Here the month by instalment is Rs. 25 and the number of instalments is 72.
So the maturity value is the amount given in the table against the row marked 72 and the column marked 25. This amount is 2,721.90.
Hence, on maturity, Mohan gets Rs. 2,721.90.

View full question & answer→

Question 52 Marks

Naseem has a 5 years Recurring Deposit account in Punjab National Bank and deposit? Rs. 240 per month. If she receives Rs. 17,694 at the time of maturity find the rate of interest.

Answer

Here if r % be the rate of interest.
Maturity value
= ₹(240 x 60) + ₹ $\left(240 \times \frac{60 \times 61}{2 \times 12} \times \frac{r}{100}\right)$
17,694 = 14,400 + 366r
366r = 3,294
r = 9%

View full question & answer→

Mathematics [2 Mark Question Answer]

Test yourself on this topic