Question

Shobana has a cumulative time deposit account in a state bank of india. she deposits rs 500 per month for a period of 4 years. if at the time of maturity she gets rs 28410, find the rate of simple interest. ​

Answer 1

Given :   Shobana has a cumulative time deposit account in a state bank of india. she deposits rs 500 per month for a period of 4 years. if at the time of maturity she gets rs 28410,

To find :   the rate of simple interest. ​

Solution:

deposits rs 500 per month for a period of 4 years  

4 years  = 48 months

Amount deposited = 48 * 500  =  24000

Amount received = Rs 28410

interest received = 28410 - 24000  = Rs 4410

Let say rate of interest = r %  per month = 12r % per annum

1st month Deposit  earn interest for 48 month

2nd month for 47 months

& so on

Simple interest = P * R * T /100

Total Interest =  (500 * r  /100)(48 + 47 + 46 + ....................+  1 )

= 5r * 48 * 49/2

= 120 * 49 * r

120 * 49 * r  = 4410

=> r = 0.75 %

12 r = 9  %

Rate of Simple interest  = 0.75 % per month or 9 % per annum

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Answer 2

Given ↓

• P = 500
• N = 4×12 = 48 months
• Maturity amount = 28410

To find *

Rate of interest?

Solution ★

Total amount = 48×500 = Rs.24000

Total interest = 28410 - 24000

= ₹ 4410

Now,

S.I = $\frac{P×R×T}{100×2}$

4410 = $\frac{500×R×48×49}{100×2}$

as [n(n+1)]

4410 = 120×49×R

R = 0.75 in months or 9% in A year

R = 9%