Show examples of calculation of interest of savings bank account, fixed deposit account and current bank account.
Pls tell how to do by giving 1 or 2 examples.
Plssss I will mark as BRAINLIEST.
Answers
Answer:
Say, Mr. Anupam has Rs. 100,000 in his account on Day 1. He withdraws Rs. 50,000 after 7 days. And then deposits Rs. 30,000 on the 14th day. And thereafter there are no transactions. Assuming the rate of interest is 4%, let’s look at the interest he has earned for the month of January.
Date Opening Balance Deposit Withdrawal Outstanding
1.1.2018 100,000 – – 100,000
7.1.2018 100,000 – 50,000 50,000
14.1.2018 50,000 30,000 – 80,000
31.1.2018 80,000 – – 80,000
Here, the interest will be calculated as follows,
From 1.1.2018- 6.1.2018 the outstanding balance was Rs. 100,000. Thus, the interest will be calculated on Rs. 100.000 for 7 days, which is,
100,000*4/100*7/365= 76.71
From 7.1.2018 to 14.1.2018 the outstanding balance was Rs. 50,000, upon which the interest shall be calculated for the period of 7 days,
50,000*4/100*7/365= 38.35
From 14.1.2018- 31.1.2018 the outstanding balance was Rs. 80,000, on which the interest for 18 days shall amount to,
80,000*4/100*18/365= 157.8
Thus, the total interest earned for the month of January will be,
76.71+38.35+157.8= 272.87
Interest earned for the month of January
Outstanding Balance No. of days Interest Calculation Interest earned
100,000 7 100,000*4/100*7/365= 76.71 76.71
50,000 7 50,000*4/100*7/365= 38.35 38.35
80,000 18 80,000*4/100*18/365= 157.8 157.8
Total interest earned 272.87
Even though the interest is calculated on daily balance amount, it is credited to your account either half- yearly or quarterly based on your bank’s policy.
Step-by-step explanation:
Interest on savings account= Daily balance*Rate of interest* (No. of days/365)
Interest= Principal*Rate of interest.
Interest: 100,000*8%= 8000.
Total Maturity value: 100,000+8000= Rs. 1,08,000.
Interest (6 months): 100,000*5.5%= 5500.
Pre-Maturity Value (6 months): Rs. 1,05,500.
Step-by-step explanation:
Happy Birthday in advance Sharanya Enjoy your day.