Question

sukhi deposited rs 320 per month for 30 months in a bank recurring deposit scheme If the bank pays interest at the rate of 8% per annum and amount received by her on maturity is 9660, the interest received by her,

Answer 1

Given:

Maturity = 9660

Rate of interest = 8%

Deposited per month = 320

Number of months = 30

To find:

Interest received by her.

Solution:

Total money deposited = 320×30

                                       =9600

Amount of maturity = Total money deposited + Interest

Interest = Amount of maturity -Total money deposited

Interest = 9660 - 9600

Interest = Rs 60