Question

Katrina opened a recurrig deposit account with a nationalised bank for a period of 2 years.If the bank pays interest at the rate of 6% per annum and the monthly installment is 1000,find the interest and mv

Answer 1

Answer

N=2 yrs

r= 6%

P=1000

I= p*r*t/100*2*12

= 1000*6*2/100*2*12

= 2880

Mv= p*n+I

= 1000*2+2880

= 4880 ( ans.)

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