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.

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.

Mr. Ahuja deposited ₹ 500 per month in an R.D. account for a period of 3 years. He received ₹ 20,220 at the time of maturity. Find :

(i) rate of interest.

(ii) how much more interest Mr. Ahuja will receive, if he had deposited ₹ 100 more every month.