Question

Rajiv bhardwaj has a recurring deposit account in a bank of rs600 per month. If the bank pays simple interest of 7 percent pa and he gets rs15450 as maturity amount find the total time for which the account was held

Answer 1

Let the time be x no.of months.
monthly installement for x months is rs 600
rate of interest is 7%p.a
1.interest= M.I*R%*n(n+1)/24*100(solve)
2.amount =interest+600x(solve)