Question

Haneef has a cummulative bank account and deposite ruppee 600 per month for a period of 4 years. If he gets ruppee 5880 as intrest at the time of maturity. Find out the rate of interest

Answer 1

Answer:

Given:  deposits Rs600 per month for a period of 4 years  and get  Rs 5880 as interest at the time of maturity

To Find : rate of interest

Solution:

Let say Rate of interest = R % per month

1st Deposit will get rent for 4 Years = 48 months

Last Deposit will get rent for 1 month

Interest for 48 months = 48  * R * 600/100

= 48 * (6R)

interest for 1 month = 1 * R * 600/100

= 6R

Total interest  = 6R ( 48 + 47 + ........................+ 2 + 1)

= 6R * 48 * 49 /2

= 6R * 24 * 49

6R * 24 * 49  = 5880

=> R = 5/6

5/6 % per month

Per annum = 12 * (5/6)

= 10 % Per annum

Rate of interest would be 10 % per annum

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