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Question
Mr. Dhoni has an account in the Union Bank of India. The following entries are from his passbook:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| Jan 3, 07 | B/F | - | - | 2,642·00 |
| Jan 16 | To self | 640.00 | - | 2,002·00 |
| March 5 | By cash | - | 850·00 | 2,852·00 |
| April 10 | To self | 1130.00 | - | 1,722·00 |
| April 10 | By cheque | - | 650·00 | 2372.00 |
| June 15 | By cash | 577.00 | - | 1,795·00 |
Calculate the interest from January 2007 to June 2007 at a rate of 4% per annum.
Solution
Qualifying amount for
Jan 2007 = ₹ 2,002
Feb 2007 = ₹ 2,002
March 2007 = ₹ 2,852
April 2007 = ₹ 1,722
May 2007 = ₹ 2,372
June 2007 = ₹ 1,795
Total ₹ 12,745
₹ 12,745 is treated as the principal of one month for calculating the interest.
Interest = `("P" xx "T" xx "R")/(100)`
= `(12,745 xx 4 xx 1)/(12 xx 100)`
= ₹ 42·483
= ₹ 42·48
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