Mr- Arvind holds an account in Canara Bank- The following are the entries from his passbook-WhineDate - Particulars - Withdrawals in Rs - Deposits in Rs - Balance in Rs WhlineJan- 3-07 - B - F -82642-00 N - lineJan 16 - To self - 640-00 - - - 2002-00 illhlineMarch 5 - By Cash - -8850-00 - 2852-00 il hline April 10 - To self - 1130-00 - - - 1722-00 illhline April 25 - By cheque - - - 650-00 - 2372-00 11- June 15 - By cash - 577-00 - - - 1795-00 llhline end array If the rate is 4 - p-a- calculate the interest from January 2007 to June 2007 -A- Rs 82-58B- Rs 52-88C- Rs 42-48D- Rs 62

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Mr. Arvind ho...

Question

Mr. Arvind holds an account in Canara Bank. The following are the entries from his passbook:

$\begin{matrix} D a t e & P a r t i c u l a r s & W i t h d r a w a l s (i n R s) & D e p o s i t s (i n R s) & B a l a n c e (i n R s) J a n . 3, 07 & B / F & - & - & 2642.00 J a n 16 & T o s e l f & 640.00 & - & 2002.00 M a r c h 5 & B y C a s h & - & 850.00 & 2852.00 A p r i l 10 & T o s e l f & 1130.00 & - & 1722.00 A p r i l 25 & B y c h e q u e & - & 650.00 & 2372.00 J u n e 15 & B y c a s h & 577.00 & - & 1795.00 \end{matrix}$

If the rate is 4% p.a., calculate the interest from January 2007 to June 2007.

Rs 82.58

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Rs 52.88

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Rs 42.48

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Rs 62

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Solution

The correct option is C
Rs 42.48

Minimum balance for the month of Jan. = Rs 2000

Minimum balance for the month of Feb. = Rs 2000

Minimum balance for the month of Mar. = Rs 2850

Minimum balance for the month of Apr. = Rs 1720

Minimum balance for the month of May = Rs 2370

Minimum balance for the month of June = Rs 1790

Total = Rs 12730

Interest = $P \times R \times \frac{T}{100} = 12730 \times 4 \times \frac{1}{(100 \times 12)}$

= Rs 42.48

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