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Question
Mr. Patel deposit Rs 2,250 per month in a recurring deposit account for a period of 3 years. At the time of maturity, he gets Rs 90,990.
(a) Find the rate of simple interest per annum.
(b) Find the total interest earned by Mr. Patel.
Solution
Given that Recurring deposit per month =Rs 2,250, Period= 3 years = 36
Months, R=R0/o, Maturity value =Rs 90,990
Money deposited= Monthly value x No of Months
=2,250 x 36= Rs 81,000
⇒ Interest that gets for this period =Maturity Value - Amount deposited = 90,990 - 81,000
=Rs 9,990
Total Principal for 1 Month = Rs `(2250 xx (36)(36 + 1))/2` = Rs 1498500
9990 = `("R" xx 1498500)/(12 xx 100)`
⇒ R = `(9990 xx 12 xx 100)/1498500`
R = 8 %
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