a person diposited a rupees of 2500 in a bank in 1st january and withdrawn rupees of 1000 from the bank at the end of 9 months. if the rate of interest is 4% per annum then the total interest payable to him at the end of the year is?
Answer (1)
Student Expert
27th Sep, 2020
Hi Niranjan
The calculation is very simple
2500*4%=100 and divide it by 12
100/12=8.3 is month interest as of 2500
8.3*9=75 interest for 9 months
1500*4%=60 and divide it by 12
60/12=5 is month interest as of 1500
5*3=15 interest is for 3 months
The total interest payable at the end of the year is 75+15=90
Hope this information is helpful.
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