[3 marks sum]

Question 13 Marks

A page from the Savings Bank Account of Mr. Prateek is given below :

Date	Particulars	Withdrawals (in ₹)	Deposits (in ₹)	Balance (in ₹)
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 ₹198 as interest on $1^{st}$ January $2007$, find the rate of interest paid by the bank.

Answer

$\text { Interset }=\frac{52,800 \times R \times \frac{1}{2}}{100}$
$198=\frac{528}{12} R $
$R=\frac{198 \times 12}{528}$
$= 4.5\%.$

View full question & answer→

Question 23 Marks

A page from the passbook of Mrs. Rama Bhalla is given below:
Calculate the interest due to Mrs. Bhalla for the period from January $2004$ to December $2004,$ at the rate of $5\%$ per annum.

Date Year 2004	Particulars	Amount (₹) Withdrawals	Amount (₹)Deposits	Balance (₹)
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

Answer

Min Balance for
Jan. 2004 = ₹$ 2,200$
Feb. 2004 = ₹$ 1,700$
March 2004 = ₹$ 2,000$
April 2004 = ₹$ 2,000$
May 2004 = ₹$ 2,000$
June 2004 = ₹$ 2,000$
July 2004 = ₹$ 1,800$
Aug. 2004 = ₹$ 1,800$
Sep. 2004 = ₹$ 1,800$
Oct 2004 = ₹$ 1,800$
Nov. 2004 = ₹$ 2,100$
Dec. 2004 = ₹$ 2,300$
Total = ₹$ 23,500$
₹$ 23,500$ is treated as principal of one month for cal. the interest.
$\text { Interest }=\frac{ P \times R \times T }{100}$
$=\frac{23,500 \times 1 \times 5}{12 \times 100}$
$= ₹ 97.92.$

View full question & answer→

Question 33 Marks

Suresh has joined a factory which pays wages by cheque only. He opens a S.B. account on Feb. 1, and his passbook has the following entries Upto 1st April of the year.

Date	Particulars	Withdrawals(₹)	Deposits(₹)	Balance(₹)
Feb. 1	By cash	-	50·00	50·00
Feb. 2	By salary	-	1,000·00	1,050·00
Feb. 4	To withdrawn slip	200·00	-	850·00
Feb. 15	By overtime allowance	-	300·00	1,150·00
Feb. 24	To Aslam	100·00	-	1,050·00
March 1	By salary	-	1,000·00	2,050·00
March 7	To cheque no. 212	500·00	-	1,550·00
March 21	To cheque no. 213	700·00	-	850·00
March 27	To self	400·00	-	450·00
Apr. 1	By salary	-	1,000·00	1,450·00
Apr. 11	By interest	-	-	-

He closes the account on 11th April. Complete the entries for 11th April at the rate of 5%

Answer

Principal for the month of February $= ₹ 850·00$
March $= ₹ 450.00$
Total $= ₹ 1,300.00$
Here,
$P = ₹ 1,300·00, R = 5\%$ p.a., T = $\frac{1}{12} yr$
$\therefore \text { Interest }( I )=\frac{ P \times R \times T }{100}$
$=\frac{1,300 \times 5 \times 1}{100 \times 12}$
$=\frac{65}{12}$
$= ₹ 5.42$p.a.
Hence, $11$ th entry in the passbook $= ₹ 1,450 + 5.42 = ₹ 1,455.42$

View full question & answer→

Question 43 Marks

Mr. Chaudhary opened a Saving’s Bank Account at State Bank of India on 1st April 2007.

Date	Particulars	Withdrawals (in ₹)	Deposits (in ₹)	Balance (in ₹)
1st April 2007	By Cash	-	8,550·00	8,550·00
12th April 2007	To Self	1,200·00	-	7,350·00
24th April 2007	By cash	-	4,550·00	11,900·00
8th July 2007	By Cheque	-	1,550·00	13,400·00
10th Sept. 2007	By Cheque	-	3,500·00	16,900·00
17th Sept. 2007	To Cheque	2,500·00	-	14,400·00
11th Oct. 2007	By Cash	-	800·00	15,200·00
6th Jan. 2008	To Self	2,000·00	-	13,200·00
9th 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 1st April, 2008. Give your answer correct to the nearest rupee.

Answer

Minimum balance for the month of April = ₹ 7,350
Minimum balance for the month of May = ₹ 11,900
Minimum balance for the month of June = ₹ 11,900
Minimum balance for the month of July = ₹ 13,400
Minimum balance for the month of Aug. = ₹ 13,400
Minimum balance for the month of Sept. = ₹ 14,400
Minimum balance for the month of Oct. = ₹ 14,400
Minimum balance for the month of Nov. = ₹ 15,200
Minimum balance for the month of Dec. = ₹ 15,200
Minimum balance for the month of Jan. = ₹ 13,200
Minimum balance for the month of Feb. = ₹ 13,200
Minimum balance for the month of March = ₹ 14,150
Total = ₹ 1,57,700
⇒ Principal for one month = ₹ 1,57,700
Interest paid on 1 st April $=\frac{1,57,700 \times 5 \times 1}{100 \times 12}$
= ₹ 657.08
= ₹ 657 (to the nearest rupee)

View full question & answer→

Question 53 Marks

Akash, an employee of a bank, has a saving bank account in his bank that pays him interest at the rate of 5% p.a., which is compounded every June and December. His passbook entries are as follow :

Date	Particulars	Withdrawals(₹)	Deposits(₹)	Balance(₹)
Feb. 3, 1981	By cash	-	500·00	500·00
Feb, 11	To cheque no. 371	200·00	-	300·00
Feb. 11	By cheque	-	700·00	1,000·00
March 1	By salary	-	2,350·00	3,350·00
March 4	To withdrawals slip	1,500·00	-	1,850·00
March 31	To Urnil	150·00	-	1,700·00
April 1	By salary	-	2.350·00	4,050·00
April 2	To Sri Ram	1,800·00	-	2,250·00
May 1	By salary	-	2,350·00	4,600·00
May 3	To accountant	2,000·00	-	2,600·00

Calculate the interest due at the end of June and find the balance on July 1, if he deposits a cash of? 100 on July 1, which is also entered immediately.

Answer

Principal for the month of Feb = ₹ 300
Principal for the month of March = ₹ 1,700
Principal for the month of April = ₹ 2,250
Principal for the month of May = ₹ 2,600
Principal for the month of June = ₹ 2,600
Total = ₹ 9,450
Principal for one month = ₹ 9,450
Rate (R) = 5%
Interest at the end of June (I)
$=\frac{ P \times R \times T }{100}$
= ₹ $\frac{9,450 \times 5}{100} \times \frac{1}{12}$
= ₹39.38
Balance on July 1 = ₹ (2,600 + 39·38 + 100) = ₹ 2,739.38.

View full question & answer→

Question 63 Marks

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

Date	Particulars	Withdrawals (in ₹)	Deposits (in ₹)	Balance (in ₹)
Jan 3, 07	B/F	-	-	2,642·00
Jan 16	To self	640.00	-	2,002·00
March 5	By cash	-	850·00	2,852·00
April 10	To self	1130.00	-	1,722·00
April 10	By cheque	-	650·00	2372.00
June 15	By cash	577.00	-	1,795·00

Calculate the interest from January 2007 to June 2007 at a rate of 4% per annum.

Answer

Qualifying amount for
Jan $2007 = ₹ 2,002$
Feb $2007 = ₹ 2,002$
March $2007 = ₹ 2,852$
April $2007 = ₹ 1,722$
May $2007 = ₹ ,372$
June $2007 = ₹ 1,795$
Total $₹ 12,745$
$₹ 12,745$ is treated as the principal of one month for calculating the interest.
$\text { Interest }=\frac{ P \times T \times R }{100}$
$=\frac{12,745 \times 4 \times 1}{12 \times 100}$
$= ₹ 42.483$
$= ₹ 42.48$

View full question & answer→

Question 73 Marks

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

Date	Particulars	Amount withdrawn(₹)	Amount deposited (₹)	Balance (₹)
3/4/2006	B/F	-	-	4,000·00
5/4/2006	By Cash	-	2,000·00	6,000·00
18/4/2006	By cheque	-	6,000·00	12,000·00
25/5/2006	To cheque	5,000·00	-	7,000·00
30/5/2006	By cash	-	3,000·00	10,000·00
20/7/2006	By self	4,000·00	-	6,000·00
10/9/2006	By cash	-	2,000·00	8,000·00
19/9/2006	To cheque	1,000·00	-	7,000·00

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

Answer

Principal for the month of April = ₹ 6,000
Principal for the month of May = ₹ 7,000
Principal for the month of June = ₹ 10,000
Principal for the month of July = ₹ 6,000
Principal for the month of August = ₹ 6,000
Principal for the month of September = ₹ 7,000
Total Principal for one month = ₹ 42,000
P = ₹ 42,000,
R = r% per annum, T $=\frac{1}{12}$
I = ₹ 175
Thus,
$I=\frac{P R T}{100}$
$175=\frac{42,000 \times r}{100} \times \frac{1}{2}$
$r=\frac{175 \times 12}{420}$
= 5%

View full question & answer→

Question 83 Marks

Mr. Mishra has a Savings Bank Account in Allahabad Bank. His passbook entries are as follows :

Date	Particulars	Amount Withdrawals(₹)	Amount Deposits(₹)	Amount Balance(₹)
Jan. 4, 2007	By Cash	-	1,000·00	1,000·00
Jan. 11, 2007	By Cheque	-	3,000·00	4,000·00
Feb. 3, 2007	By Cash	-	2,500·00	6,500·00
Feb. 7, 2007	To Cheque	2,000·00	-	4,500·00
March 3, 2007	By Cash	-	5,000·00	9,500·00
May 25, 2007	By Cash	-	2,000·00	11,500·000
June 7, 2007	By Cash	-	3,500·00	15,000·00
Aug 29, 2007	To Cheque	1,000·00	-	14,000·00

Rate of interest paid by the bank is 4.5% per annum. Mr. Mishra closes his account on 30th October, 2007. Find the interest he receives.

Answer

Minimum Balance for
Jan = ₹1,000
Feb = ₹4,500
March = ₹9,500
April = ₹9,500
May = ₹9,500
June = ₹15,000
July = ₹15,000
August = ₹14,000
September = ₹14,000
Total ₹92,000
₹ 92,000 is treated as principal of one month for calculating the interest
$\text { Interest }=\frac{ P \times R \times T }{100}$
$=\frac{92,000 \times 4 \cdot 5 \times \frac{1}{12}}{100}$
= ₹ 345.

View full question & answer→

Question 93 Marks

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

Date	Particulars	Withdrawals (in ₹)	Deposits (in ₹)	Balance (in ₹)
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
August 4, 2008	To Self	5,500	-	21,000
August 20, 2008	To Cheque	1,200	-	19,800
Dec. 12, 2008	By Cash	-	1,700	21,500

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

Answer

$\text { S.I. }=\frac{ PRT }{100}$
$=\frac{2,04,700 \times 1 \times 4}{100 \times 12}$
$= ₹ 682.33$
$= ₹ 682.$

View full question & answer→

Question 103 Marks

The entries in the passbook of a Saving Bank Account holder are as follows:

Date	Particulars	Withdrawals(₹)	Deposits(₹)	Balance(₹)
Feb. 12, 1986	By cash	-	2,000·00	2,000·00
March 10	By cash	-	1,100·00	3,100·00
April 20	To cheque no. 231	800·00	-	2,300·00
April 25	By cash	-	700·00	3,000·00
May 11	To cheque no. 232	700·00	-	2,300·00
July 2	By cash	-	400·00	2,700·00
July 8	By cash	-	500·00	3,200·00
Aug. 10	By cash	-	600·00	3,800·00
Aug. 28	To cheque no. 233	200·00	-	3,600·00

Rate of interest is 5% per annum. Calculate the interest due if the account is closed on:
(i) September 29, 1986
(ii) October 1, 1986.

Answer

Principal for the month of February = Nil
Principal for the month of March = ₹ 3,100.00
Principal for the month of April = ₹ 2,300.00
Principal for the month of May = ₹ 2,300.00
Principal for the month of June = ₹ 2,300.00
Principal for the month of July = ₹ 3,200.00
Principal for the month of August = ₹ 3,600.00
Total ₹ 16,800.00
(i) If the account is dosed on Sept 29, 1986, then month of Sept., will not earn interest and principal for one month Rs. 16,800.
Rate = 5% p.a.
Interest = ₹ $\left(\frac{16,800 \times 5}{100} \times \frac{1}{12}\right)$
= ₹ $\frac{168 \times 5}{12}$
= ₹ 14 x 5
= ₹ 70
(ii) If the account is closed on Oct. 1, 1986
Interest due for the month of September = $\frac{ P \times R \times T }{100}$
= ₹ $\left(\frac{3,600 \times 5}{100} \times \frac{1}{12}\right)$
= ₹ 15
∴ Interest due = ₹ (70 + 15) = ₹ 85.

View full question & answer→

Question 113 Marks

Given below are the entries in a Savings Bank A/c passbook:

Date	Particulars	Withdrawals (in ₹)	Deposits (in ₹)	Balance (in ₹)
Feb 8	B/F	-	-	₹ 8,500
Feb 18	To self	₹ 4,000	-	-
April 12	By cash	-	₹ 2,230	-
June 15	To self	₹ 5,000	-	-
July 8	By cash	-	₹ 6,000	-

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

Answer

Qualifying amount for interest
for the month of February = ₹ 4,500
for the month of March = ₹ 4,500
for the month of April = ₹ 4,500
for the month of May = ₹ 6,730
for the month of June = ₹ 1,730
for the month of July = ₹ 7,730
Total ₹ 29,690
Interest $=\frac{29,690 \times 6 \times 1}{100 \times 12}$
= ₹ 148.45.

View full question & answer→

Question 123 Marks

Amit deposited $Rs. 150$ per month in a bank for $8$ months 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?

Answer

Interest on his deposit =
$\frac{n(n+1)}{2} \times \frac{\text { instalment } \times \text { Rate }}{100 \times 12}$
$ =\frac{8(8+1)}{2} \times \frac{150}{100} \times \frac{8}{12} $
$=\frac{8 \times 9 \times 150 \times 8}{2 \times 100 \times 12}$
$= ₹ 36$
Maturity value
$= ₹ 150 x 8 + 36$
$= ₹ 1,200 + ₹ 36$
$= ₹ 1,236$

View full question & answer→

Question 133 Marks

Zafarullah has a recurring deposit The list price of the television be? $12,500.$ account in a bank for $3^{1/2}$ years at $9.5\%$ S.I. p.a. If he gets $Rs. 78,638$ at the time of maturity. Find the monthly instalment.

Answer

Let the monthly instalement be of ₹ $x$
then,
Maturity value
= ₹ $(x \times 42)+$ ₹ $\left(x \times \frac{42 \times 43}{2 \times 12} \times \frac{19}{200}\right)$
$\Rightarrow 78,638=42 x+\frac{5,719 x}{800}$
$ \Rightarrow \frac{39,319}{800} x=78,638$
$\Rightarrow x = 1600$
Hence, the monthly instalment was of $₹ 1600$

View full question & answer→

Mathematics [3 marks sum]

Test yourself on this topic