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Question
A page from a savings bank account passbook is given below:
| Date | Particulars | Amount withdrawn (Rs.) |
Amount Deposited (Rs.) |
Balance (Rs.) |
| Jan 7, 2016 | B/F | 3,000.00 | ||
| Jan 10, 2016 | By Cheque | 2600.00 | 5600.00 | |
| Feb 8, 2016 | To Self | 1500.00 | 4100.00 | |
| Apr 6, 2016 | By Cheque | 2100.00 | 2000.00 | |
| May 4, 2016 | By Cash | 6500.00 | 8500.00 | |
| May 27, 2016 | By Cheque | 1500.00 | 10000.00 |
1) Calculate the interest for the 6 months from January to June 2016, at 6% per annum.
2) If the account is closed on 1st July 2016, find the amount received by the account holder.
Solution
Principal for the month of Jan = Rs. 5600
Principal for the month of Feb = Rs. 4100
Principal for the month of Mar = Rs. 4100
Principal for the month of Apr = Rs. 2000
Principal for the month of May = Rs. 8500
Principal for the month of June = Rs. 10000
Total Principal for one month = Rs. 34300
Rate of interest = 6% pa
1) Simple interest = `"PRT"/100 = (34300xx6xx1)/(100xx12) = Rs 171.50`
2) Total amount Rs.10000 + Rs 171.50 = Rs 10171.50
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