A man deposited 1500 every month in a bank for 8 months under the recurring deposit scheme. If the rate of interest is 8% p.a., then the interest earned at the time of maturity is :
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The Interest of Every month is
p.a=960÷8 Months =120 Interest
Step-by-step explanation:
8 Months deposit =1500×8=12,000
8 percent p.a= 8 percent of 12000=960
Then,the interest of each month is
960 ÷ 8 = 120 for every month.
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