## Chapter 3 - Banking Exercise Ex. 3.1

Question 1

Mr. Burman open a saving back account with Bank of India on 3

(a) Make the entries in his passbook

(b) If he closed the account on 14

^{rd}April 2007 with a cash deposit of Rs 5,000/-. Subsequently, he deposited Rs 16,500/- by cheque on 11^{th}April 2007, withdraw Rs 4,000/- on 10^{th}May, paid Rs 3,500 for insurance by cheque on 7^{th}July 2007, deposited Rs. 6,000/- in cash on 9^{th}August 2007 and withdrew Rs 1,500/- on 12^{th}Oct 2007.(a) Make the entries in his passbook

(b) If he closed the account on 14

^{th}December and if the rate of simple interest is 4% pa, then find the amount he received on closing the account.
Solution 1

Question 2

Ms. Chitra opened a saving bank account with SBI on 05.04.2007 with a cheque deposit of Rs 11,000/.Subsequently, she took out Rs 3,200/- on 12.05.2007; deposited a cheque of Rs. 8,800/- on 03.06.2007 and paid Rs 2,000/- by cheque on 18.06.2007.

(a). Make the entries in her passbook

(b). If the rate of simple interest was 5% pa compounded at the end of March and September, find her balance on 1.04.2008

(a). Make the entries in her passbook

(b). If the rate of simple interest was 5% pa compounded at the end of March and September, find her balance on 1.04.2008

Solution 2

Question 3

Given below is a page from the passbook of a saving bank account that Mr. Sharma has with SBI. If the bank gives interest at 6%pa, find

(a) The principal amount in January, February and March which will be considered for interest for interest calculation.

(b) The interest she gets at the end of March.

(a) The principal amount in January, February and March which will be considered for interest for interest calculation.

(b) The interest she gets at the end of March.

Solution 3

Question 4

Solution 4

Question 5

Solution 5

Question 6

Solution 6

Question 7

Solution 7

Question 8

Solution 8

## Chapter 3 - Banking Exercise Ex. 3.2

Question 1

Mrs. Chhabra deposits Rs 500 per month in a recurring deposit account for 4 years at a simple interest rate of 6% pa.

(a) Find the maturity value of deposit.

(b) Find the total interest she will earn after 2 years

(a) Find the maturity value of deposit.

(b) Find the total interest she will earn after 2 years

Solution 1

Question 2

Mr. Pradip deposited Rs 2,400 pm in bank for One year 6 months under the recurring deposit scheme. If the maturity value of his deposit is Rs 47,304 find the rate of interest per annum.

Solution 2

Question 3

Mrs Khandelkar invests Rs 900 every month in a recurring deposit account for a period of 3 years at a simple interest rate of 8% pa.

(a) Find the total interest she will earn at the end of the period.

(b) Find the maturity value of her deposits.

(a) Find the total interest she will earn at the end of the period.

(b) Find the maturity value of her deposits.

Solution 3

Question 4

Mr. Patel deposit Rs 2,250 per month in a recurring deposit account for a period of 3 years. At the time of maturity, he gets Rs 90,990.

(a) Find the rate of simple interest per annum.

(b) Find the total interest earned by Mr. Patel.

(a) Find the rate of simple interest per annum.

(b) Find the total interest earned by Mr. Patel.

Solution 4

Question 5

Mr. Menon deposit Rs 1,200 per month in a cumulative deposit account for a period of 5 years. After the end of the period, he will receive Rs 88,470. (a) Find the rate of the interest per annum. (b) Find the total interest that Mr. Menon will earn.

Solution 5

Question 6

Aarushi has a recurring deposit account for 2 years at 6% pa. She receives Rs 1,125 as interest on maturity.

(a) Find the monthly instalment amount.

(b) Find the maturity amount.

(a) Find the monthly instalment amount.

(b) Find the maturity amount.

Solution 6

Question 7

Mr. Mohan has a cumulative deposit account for 3 years at 7% interest pa. She receives Rs 8,547 as a maturity amount after 3 years.

(a) Find the monthly deposit.

(b) Find the total interest receivable after maturity.

(a) Find the monthly deposit.

(b) Find the total interest receivable after maturity.

Solution 7

Question 8

Mr. Banerjee opens a recurring deposit account for Rs 3,000 per month at 9% simple interest pa. On maturity, he gets Rs. 1,70,460. Find the period for which he continued with the account.

Solution 8

Question 9

Ms. Saha opened a cumulative deposit account of monthly instalment of Rs 1,200 at 9%p.a simple interest. She earned a total interest of Rs 5,328. How much installments did she pay?

Solution 9

Question 10

What should be minimum monthly deposit in a recurring deposit for 3 years to get Rs 20,220 on maturity after 3 years at an interest rate of 8% pa.

Solution 10

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