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Question
Mr. Mishra has a Savings Bank Account in Allahabad Bank. His passbook entries are as follows:
| Date | Particulars | Amount Withdrawals(₹) |
Amount Deposits(₹) | Amount Balance(₹) |
| Jan. 4, 2007 | By Cash | - | 1,000·00 | 1,000·00 |
| Jan. 11, 2007 | By Cheque | - | 3,000·00 | 4,000·00 |
| Feb. 3, 2007 | By Cash | - | 2,500·00 | 6,500·00 |
| Feb. 7, 2007 | To Cheque | 2,000·00 | - | 4,500·00 |
| March 3, 2007 | By Cash | - | 5,000·00 | 9,500·00 |
| May 25, 2007 | By Cash | - | 2,000·00 | 11,500·000 |
| June 7, 2007 | By Cash | - | 3,500·00 | 15,000·00 |
| Aug 29, 2007 | To Cheque | 1,000·00 | - | 14,000·00 |
Rate of interest paid by the bank is 4.5% per annum. Mr. Mishra closes his account on 30th October, 2007. Find the interest he receives.
Solution
Minimum Balance for
Jan = ₹1,000
Feb = ₹4,500
March = ₹9,500
April = ₹9,500
May = ₹9,500
June = ₹15,000
July = ₹15,000
August = ₹14,000
September = ₹14,000
Total ₹92,000
₹ 92,000 is treated as principal of one month for calculating the interest
Interest = `("P" xx "R" xx "T")/(100)`
= `(92,000 xx 4·5 xx (1)/(12))/(100)`
= ₹ 345.
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