Mr- Navin opened a Savings Bank Account at Union Bank on 1st April 2007 - The entries of one year as shown in his pass book are given below-WhineDate-Particulars-Withdrawal-Deposit-Balancelllhline1- st April 2007 -By cash- - 88550-00 - 8550-0011 hline17- th Sept 2007-By cheque-2500-00-15200-0011line11- th - Oct 2007-By cash- - 800-008 -15200 -00 lllhlinelend array The bank pays interest of 5 - per annum- What will be the interest paid on 1st April- 2008 - The answer should be correct to the nearest rupee-A- Rs- 657B- Rs- 750C- Rs- 547D- Rs- 767

The correct option is A Rs. 657 Here rate of interest = 5 ...

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Byju's Answer

Standard X

Mathematics

Recurring Deposit Account

Mr. Navin ope...

Question

Mr. Navin opened a Savings Bank Account at Union Bank on 1st April 2007. The entries of one year as shown in his pass book are given below.

$\begin{matrix} D a t e & P a r t i c u l a r s & W i t h d r a w a l & D e p o s i t & B a l a n c e 1^{s t} A p r i l 2007 & B y c a s h & - & 8550.00 & 8550.00 12^{t h} A p r i l 2007 & T o S e l f & 1200.00 & - & 7350.00 24^{t h} A p r i l 2007 & B y c a s h & - & 4550.00 & 11900.00 8^{t h} J u l y 2007 & B y c h e q u e & - & 1500.00 & 1340.00 10^{t h} S e p t . 2007 & T o c h e q u e & - & 3500.00 & 16900.00 17^{t h} S e p t 2007 & B y c h e q u e & 2500.00 & - & 15200.00 11^{t h} O c t 2007 & B y c a s h & - & 800.00 & .15200 .00 6 t h J a n 2008 & T o S e l f & 2000.00 & - & 13200.00 9^{t h} M a r c h 2008 & B y C h e q u e & - & 950.00 & 14150.00 \end{matrix}$

The bank pays interest of 5% per annum. What will be the interest paid on 1^st April, 2008? The answer should be correct to the nearest rupee.

Rs. 767

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Rs. 750

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Rs. 657

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Rs. 547

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Solution

The correct option is C
Rs. 657

Here rate of interest = 5%

Principal for April, 07 = Rs.7350

Principal for May, 07 = Rs.11900

Principal for June, 07 = Rs.11900

Principal for July, 07 = Rs.13400

Principal for August, 07 = Rs.13400

Principal for September, 07 = Rs.14400

Principal for October, 07 = Rs.14400

Principal for November, 07 = Rs.15200

Principal for December, 07 = Rs.15200

Principal for January, 07 = Rs.13200

Principal for Feb, 07 = Rs.13200

Principal for March, 07 = Rs.14150

Total principal for April 2007 to April 2008 = Rs.157700

Interest paid = (Principal $\times$ Rate $\times$ Time)/100 = $(\frac{157700 \times 5 \times \frac{1}{12}}{100})$ = Rs.657.08 = Rs.657

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