3. Given below is a page from the passbook of a saving bank account that Mr. Sharma has with SBI. If the bank gives interest at $6%$pa, find (a) The principal amount in January, February and March which will be considered for interest for interest calculation. (b) The interest she gets at the end of March.

Home » 3. Given below is a page from the passbook of a saving bank account that Mr. Sharma has with SBI. If the bank gives interest at pa, find (a) The principal amount in January, February and March which will be considered for interest for interest calculation. (b) The interest she gets at the end of March.

3. Given below is a page from the passbook of a saving bank account that Mr. Sharma has with SBI. If the bank gives interest at $6%$ pa, find
(a) The principal amount in January, February and March which will be considered for interest for interest calculation.
(b) The interest she gets at the end of March.

Banking | Class 10 | Frank | ICSE | Maths

3. Given below is a page from the passbook of a saving bank account that Mr. Sharma has with SBI. If the bank gives interest at $6%$ pa, find
(a) The principal amount in January, February and March which will be considered for interest for interest calculation.
(b) The interest she gets at the end of March.

Solution:-

(a) As per the condition given in the question, the principal amount in January, February and March which will be considered for interest for interest calculation

So,

In January ₹ $10,700.00$ as this is minimum of 10^th and 31^st January

In February ₹ $5,400.00$ as this is minimum of 10^th and 28^th February

In March ₹ $24,600.00$ as this is minimum of 10^th and 31^st March (including 17^th March)

(b) The interest she gets at the end of March given below,

Therefore, total principal for at the end of March $= ₹40,700$

Interest $= (40,700×6×1)/(100×12)$

$= ₹203.50$

Hence interest $=₹204$

i

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Months	Minimum balance between 10^th day and the last day
January	$10,700.00$
February	$5,400.00$
March	$24,600.00$