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Question
Given the following details, calculate the simple interest at the rate of 6% per annum up to June, 30:
| Date | Debit (in ₹) | Credit (in ₹) | Balance (in ₹) |
| January 1 | - | 24,000·00 | 24,000·00 |
| January 20 | 5,000·00 | - | 19,000·00 |
| January 29 | - | 10,000·00 | 29,000·00 |
| March 15 | - | 8,000·00 | 37,000·00 |
| April 3 | - | 7,653·00 | 44,653·00 |
| May 6 | 3,040·00 | - | 41,613·00 |
| May 8 | - | 5,087·00 | 46,700·00 |
Solution
Minimum balance in January = ₹ 19,000·00
Minimum balance in February = ₹ 29,000.00
Minimum balance in March = ₹ 29,000.00
Minimum balance in April = ₹ 44,650.00
Minimum balance in May = ₹ 46,700.00
Minimum balance in June = ₹ 46,700.00
Total = ₹ 2,15,050.00
∴ Interest = ₹`(2,15,050 xx 6)/(100) xx (1)/(12)`
= ₹ 1,075·25
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