A man deposited ₹7,505 on March 18 when the rate of interest was 3⅓% p.a. The rate of interest was raised to 3¾% p.a. on 16th May and then it was reduced to 3¼% p.a. on 1st August. Calculate interest payable on 25th November.
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Answer:
No. of Days:
March- 13 days
April-30 days
May-15 days
Rate of Interest=10/3%
Amount= Rs.7505/-
Interest Amount from March 18 to 15th May:
7505 X 10/3%=7505 x 1/30=250.17 per annum
For 58 days, interest is: (250.17/365) X 58 days
=39.75
Interest rate was 15/4% from 16 May to 31st July
No. of days=15 days(May) +30 days(June) +31 days(July)=76 days
Interest= 7505*15/4%=281.44 per annum
For 76 days=(281.44/365 days) X 76 days=58.60
No. of days from 1st August to 25th November=
31 days + 30 days+31 days+25 days=117 days
7505 X 13/4 %=243.91 per annum
Interest:(243.91/365) X117 days=78.18
Total interest payable:78.18+58.60+39.75=176.53=177
Step-by-step explanation:
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