Question

Mohini had a recurring deposit account in State Bank of India for 2 years. If the monthly instalment

was ₹ 800 and she got ₹ 1200 as interest at the time of maturity, find

(i) The rate of interest (ii) the amount of maturity​

Answer 1

ANSWER

This is the solution

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Answer 2

Answer:

Here, n= the number of months for which the money is deposited =2×12=24

r=6%, I= Rs. 1,200

Let the monthly instalments be Rs. x, then P= Rs. x

Using the formula S.I.=P×

2×12

n(n+1)

×

100

r

1,200=

2×12

x×24×25

×

100

6

2

3

x=1,200

⇒x= Rs. 800

Hence monthly installment = Rs. 800

Step-by-step explanation:

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