Mr- Tiwari has a saving account in some bank- Following are the entries of his passbook- begin array - c - c - c - c - c -WhineDate year 2007 - Particulars - Withdrawals Rs-P - Deposite Rs-P - BalanceRs-plllhline January - B-F - - -1276-3811 hhine January - By cheque - - 2307-25 -3583-6311 March 07 - To self - 2000-00 - 81583-6311 - March 25 - By cash - - 6200-00 -7783-63111 hlineJuly 16 - By clearing - - 2628-70 -5912-33111hline October 20- To cheque -524-50 - -5387-83111hlineNovember 5 - By cash - - 1500-00 - 4187-8311 hine December 3 - To cheque - 1000-00 - - 3187-83 111hline December 25 -By transfer - - 2927-50 -6115-33111 hline end array What will be the interest due to him for the year 2007 at 4-5 - per annum if the interest is paid once in a year at the end of December- Also- find the total amount that he will receive on 11th January- 2008 - if he plans to close his account-A- Rs- 147-81- Rs-6300-14B- Rs- 127-81- Rs- 6300-14C- Rs- 197-81- Rs- 6313-14D- Rs- 157-81- Rs- 6333-14

You visited us 8 times! Enjoying our articles? Unlock Full Access!

Recurring Deposit Account

Mr. Tiwari ha...

Question

Mr. Tiwari has a saving account in some bank. Following are the entries of his passbook:

$\begin{matrix} D a t e y e a r 2007 & P a r t i c u l a r s & W i t h d r a w a l s R s . P & D e p o s i t e R s . P & B a l a n c e R s . p J a n u a r y & B / F & 1276.38 J a n u a r y & B y c h e q u e & 2307.25 & 3583.63 M a r c h 07 & T o s e l f & 2000.00 & 1583.63 M a r c h 25 & B y c a s h & 6200.00 & 7783.63 J u n e 10 & T o c h e q u e & 4500.00 & 3283.63 J u l y 16 & B y c l e a r i n g & 2628.70 & 5912.33 O c t o b e r 20 & T o c h e q u e & 524.50 & 5387.83 O c t o b e r 25 & T o s e l f & 2700.00 & 2687.83 N o v e m b e r 5 & B y c a s h & 1500.00 & 4187.83 D e c e m b e r 3 & T o c h e q u e & 1000.00 & 3187.83 D e c e m b e r 25 & B y t r a n s f e r & 2927.50 & 6115.33 \end{matrix}$

What will be the interest due to him for the year 2007 at 4.5% per annum if the interest is paid once in a year at the end of December? Also, find the total amount that he will receive on 11th January, 2008, if he plans to close his account.

Rs. 147.81, Rs.6300.14

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Rs. 157.81, Rs. 6333.14

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Rs. 197.81, Rs. 6313.14

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Rs. 127.81, Rs. 6300.14

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C
Rs. 197.81, Rs. 6313.14

As per entries we have the following information:

$\begin{matrix} Month & Balance of the month & Minimum balance between 10th to the last day of the month & Qualifying balance J a n u a r y & R s .1276 .38, & R s .3583 .63 & R s .3580 F e b r u a r y & R s .3583 .63 & R s .3583 .63 & R s .3580 M a r c h & R s .3583 .63, R s .1583 .63, R s .7783 .63 & R s .1583 .63 & R s .1580 A p r i l & R s .7783 .63 & R s .7783 .63 & R s .7780 M a y & R s .7783 .63 & R s .7783 .63 & R s .7780 J u n e & R s .7783 .63, R s .3283 .63, & R s .3283 .63 & R s .3280 J u l y & R s .3283 .63, R s .5912 .33 & R s .3283 .63 & R s .3280 A u g u s t & R s .5912 .33 & R s .5912 .33 & R s .5910 S e p t e r m b e r & R s .5912 .33 & R s .5912 .33 & R s .5910 O c t o b e r & R s .5912 .33, R s .5387 .83, R s .2687 .83 & R s . 2687.83 & R s .2690 N o v e m b e r & R s .2687 .83, R s .4187 .83 & R s .4187 .83 & R s .4190 D e c e m b e r & R s .4187 .83, R s .3187 .83, R s .3187 .83 & R s .3190 & R s .5910 T o t a l & R s .52750 \end{matrix}$

Here, principal for 1 month = Rs.52750, rate of interest = 4.5%, time = $\frac{1}{12}$ year

Interest = Rs. $(\frac{(52750 \times 4.5 \times \frac{1}{12})}{100})$ = Rs.197.81.

Amount received by Mr. Tiwari on 11th January 2008 = last balance + interest

= Rs.6115.33 + Rs.197.81

= Rs.6313.14

Suggest Corrections

Similar questions

Mr. Shashank’s saving bank account details are as follows:

$\begin{matrix} D a t e & P a r t i c u l a r s & W i t h d r a w a l (i n R s) & D e p o s i t (i n R s) & B a l a n c e s (i n R s) J a n u a r y 1^{s t} 2006 & B / F & - & - & 1270 J a n u a r y 7^{t h} 2006 & B y C h e q u e & - & 2310 & 3580 M a r c h 9^{t h} 2006 & T o S e l f & 2000 & - & 1580 J u n e 26^{t h} 2006 & B y c a s h & - & 6200 & 7780 J u n e 10^{t h} 2006 & T o C h e q u e & 4500 & - & 3280 J u l y 15^{t h} 2006 & B y C l e a r i n g & - & 2630 & 5910 O c t o b e r 18^{t h} 2006 & T o C h e q u e & 530 & - & 5380 O c t o b e r 27^{t h} 2006 & T o S e l f & 2690 & - & 2690 N o v e m b e r 3^{r d} 2006 & B y C a s h & - & 1500 & 4190 D e c e m b e r 6^{t h} 2006 & T o C h e q u e & 950 & - & 3240 D e c e m b e r 23^{r d} 2006 & B y T r a n s f e r & - & 2920 & 6260 \end{matrix}$

If he receives 198 as interest on 1st January, 2007, then what is the rate of interest paid by the bank?

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.

The entries of a savings bank account are given below:

$\begin{matrix} D a t e & P a r t i c u l a r s & W i t h d r a w a l s (i n R s .) & D e p o s i t s (i n R s .) & B a l a n c e (i n R s .) 01.01.03 & B / F & - & - & 14000 01.02.03 & B y C a s h & - & 11500 & 25500 12.02.03 & B y C h e q u e & 5000 & - & 20500 05.04.03 & B y C a s h & - & 3750 & 24250 15.04.03 & B y C h e q u e & 4250 & - & 20000 09.05.03 & B y C a s h & - & 1500 & 21500 04.06.03 & B y c a s h & - & 1500 & 23000 \end{matrix}$

Find the interest for six months (that is from January to June) at 8% per annum on the minimum balance on or after the tenth of every month.

Mr. Aakash has a saving bank account in Bank of India. His passbook has the following entries.

Calculate the interest due to him at the end of September (2008) at the rate of 4% p.a.

Below are the entries in a Saving Bank Passbook:

$\begin{matrix} D a t e & P a r t i c u l a r s & W i t h d r a w a l & D e p o s i t & B a l a n c e 01 - 01 - 07 & B / f & R s .14000 01 - 02 - 07 & B y c a s h & R s .11500 & R s .25500 12 - 02 - 07 & T o c h e q u e & R s 5000 & R s .20500 05 - 04 - 07 & B y c a s h & R s .3750 & R s .24250 15 - 04 - 07 & T o c h e q u e & R s .4250 & R s .20000 09 - 05 - 07 & B y c a s h & R s .1500 & R s .21500 04 - 06 - 07 & B y c a s h & R s .1500 . & R s .23000 \end{matrix}$

Find the interest for six months (from January to June) at 4% per annum on the minimum balance on or after the tenth day of each month.

Join BYJU'S Learning Program