The entries of a savings bank account are given below-beginarray -c- c-c- c-c- WhineDate-Particulars-Withdrawals in Rs-Deposits in Rs-Balance in Rs- Whline01-01-03-B-F-14000KWline01-02-03-By Cash-11500-25500Whline12-02-03-By Cheque-5000-20500Whline05-04-03-By Cash-3750-24250Whline15-04-03-By Cheque-4250-20000Whline09-05-03-By - Cash- 1500 - 21500 Whline04-06-03-By cash-1500-23000Whline array 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-

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Calculating Interest on Savings Account

The entries o...

Question

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.

Rs 796.66

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Rs 896.33

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Rs 696.33

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Rs 666.66

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Solution

The correct option is A
Rs 796.66

Minimum balance for the month of Jan. = Rs 14000

Minimum balance for the month of Feb. = Rs 20500

Minimum balance for the month of Mar. = Rs 20500

Minimum balance for the month of Apr. = Rs 20000

Minimum balance for the month of May = Rs 21500

Minimum balance for the month of June = Rs 23000

Total = Rs 1,19,500

Interest = P $\times$ R $\times$ $\frac{T}{100}$ = 1,19,500 $\times$ 8 $\times$ $\frac{1}{(100 \times 12)}$ = Rs 796.66

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Similar questions

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.

Calculate the interest for six months (January to June) at

4 %

per annum on the minimum balance on or after the tenth day of each month.

The entries in a Saving Bank Passbook are as given below:

Date	Particulars	Withdrawals (In Rs.)	Deposits (In Rs.)	Balance (In Rs.)
$01.01.03$	B/F			$14, 000.00$
$01.02.03$	By Cash		$11, 500.00$	$25, 500.00$
$12.02.03$	To Cheque	$5, 000$		$20, 500.00$
$05.04.03$	By Cash		$3, 7500.00$	$24, 500.00$
$15.04.03$	To Cheque	$4, 250.00$		$20, 000.00$
$09.05.03$	By Cash		$1, 500$	$21, 500.00$
$04.06.03$	By Cash		$1, 500$	$23, 000.00$

A page from a pass book of saving bank account is given below:

The account is closed on 2nd January 2000. Find the amount received if the rate of interest is 5%.

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.

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.

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