Govind opened a bank account on 1.4.2006 by depositing Rs. 3000. He deposited Rs. 1000 on 11.4.06 and withdrew Rs. 500 on 15.4.2006. Compute the interest paid by the bank for the month of April, if the rate of interest is 4 % pa.

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Solution

Balance as on 1.4.2006 = Rs. 3000
As on 11.4.2006 = Rs. 4000
As on 15.4.2006 = Rs. 3500
The minimum balance for the month of April = Rs. 3000
The interest paid by the bank for the month of April = $\frac{3000 \times 1 \times 4}{1200} = R s . 10$

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Govind opened a bank account on 1.4.2006 by depositing Rs. 3000. He deposited Rs. 1000 on 11.4.06 and withdrew Rs. 500 on 15.4.2006. Compute the interest paid by the bank for the month of April, if the rate of interest is 4 % pa.

Balance as on 1.4.2006 = Rs. 3000As on 11.4.2006 = Rs. 4000As on 15.4.2006 = Rs. 3500The minimum balance for the month of April = Rs. 3000The interest paid by the bank for the month of April = 3000×1×41200=Rs.10

Balance as on 1.4.2006 = Rs. 3000
As on 11.4.2006 = Rs. 4000
As on 15.4.2006 = Rs. 3500
The minimum balance for the month of April = Rs. 3000
The interest paid by the bank for the month of April = $\frac{3000 \times 1 \times 4}{1200} = R s . 10$