Home
Class 10
MATHS
Katrina opened a recurring deposit accou...

Katrina opened a recurring deposit account with a Nationalised Bank for a period of `2` years. If the bank pays interest at the rate of `6%` per annum and the monthly instalment is `₹ 1,000`, find the :
(i) interest earned in `2` years
(ii) maturity value.

Text Solution

Verified by Experts

The correct Answer is:
(i) `₹ 1,500`
(ii) `₹ 25,500`
Promotional Banner

Topper's Solved these Questions

  • BANKING (RECURRING DEPOSIT ACCOUNTS)

    ICSE|Exercise QUESTIONS|7 Videos

  • BANKING (RECURRING DEPOSIT ACCOUNTS)

    ICSE|Exercise QUESTIONS|7 Videos

  • BANKING

    ICSE|Exercise Competency Based Questions|10 Videos

  • CHAPTERWISE REVISION EXERCISE

    ICSE|Exercise CHAPTERWISE REVISION EXERCISE (PROBABILITY)|16 Videos

Similar Questions

Explore conceptually related problems

Katrina opened a recurring deposit account with a Nationalised Bank for a period of 2 years. If the bank pays interest at the rate of 6% per annum and the monthly instalment is Rs 1,000, find the : (i) interest earned in 2 years.

Katrina opened a recurring deposit account with a Nationalised Bank for a period of 2 years. If the bank pays interest at the rate of 6% per annum and the monthly instalment is Rs 1,000, find the : (ii) maturity value.

Mohan has a recurring deposite account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs 1200 as interest at the time of maturity, find : (i) the monthly instalment

Mrs. Karna has a recurring deposit account in Punjab National Bank for 3 years at 8% p.a. If she gets Rs 9,990 as interest at the time of maturity, Find: (a) the monthly installment (b) the maturity level

A sum of Rs. 400 is lent for 3 years at the rate of 6% per annum. Find the interest.

The maturity value of a recurring deposit account is Rs 42,400. If the account is held for 2 years and the rate of interest is 10% per annum, find the amount of each monthly instalment.