Banking
I. Long Answer Questions
1. Kiran deposited ₹ 200 per month for 36 months in a banks recurring
deposit account. If the bank pays interest at rate of 11% per annum, find
the amount she gets on maturity.
2. Mr. R.K. Nair gets ₹ 6,455 at the end of one year at the rate of 14% per
annum in a recurring deposit account. Find the monthly installment.
3. Ahmed has a recurring deposit account in a bank. He deposits ₹ 2,500 per
month for 2 years. If he gets ₹ 66,250 at the time of maturity, find:
(i) the interest paid by the bank
(ii) rate of interest
4. Monica deposits ₹ 600 per month in her R.D. Account held with Union
Bank of India. If the maturity value of this account was ₹ 24,930 and rate
of interest was 10% per annum; find the time (in years) for which the
account was held.
5. Mohit started paying ₹ 800 per month in a 6-year recurring deposit. After
2 years, he started one more R.D. account in which he deposited ₹ 1,500
per month. If the bank pays 10% per annum simple interest in both the
deposits, find at the end of 6 years which R.D. will give more money and
by how much?
6. Mr. Gupta opened a recurring deposit account in a bank. He deposited
₹ 2500 per month for 2 years. At the time of maturity, he got ₹ 67,500.
Find
(i) the total interest earned by Mr. Gupta
(ii) the rate of interest per annum.
