Mathematics
Mr. Krishnan deposits ₹ 1,000 per month in a recurring deposit account with State Bank of India for 2 years at 8% p.a. simple interest
Based on above information answer the following :
(i) Find the equivalent principal for 1 month.
(ii) Find the amount of maturity Mr. Krishnan will get at the end of 2 years.
(iii) If the bank revised the rate of interest 6% p.a. from 8% p.a., then by how much the interest paid by the bank will be reduced.
Related Questions
Katrina opened a recurring deposit account with a Nationalised Bank for a period of 2 years. If the bank pays interest at rate of 6% per annum and the monthly instalment is ₹ 1000, find the :
(i) interest earned in 2 years
(ii) maturity value.
A recurring deposit account is opened with Dena Bank, Meerut Cantt. For this ₹ 2,000 per month (at 10% p.a.) is deposited in the bank. If the maturity value is ₹ 25,300, find the total time for which account was held.