Multiple choice

The balance as on 1st June in the savings bank account of Mr.Sandeep was Rs. 9,800. In that same month, he had made following transactions: (1) He paid his telephone bill of Rs. 1,100 by cheque on 3rd June. (2) On 10th, he deposited Rs. 1,000 (3) On 14th, he withdrew Rs. 1,500

Which of the following is the interest credited by the bank for this month to his account, if the rate of interest is calculated at 4% per annum?

  1. Rs. 378

  2. Rs. 54.67

  3. Rs. 27.33

  4. Rs. 126

  5. Rs. 55.33
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Qualifying amount for interest calculation = Rs. 9800 - Rs. 1100 + Rs. 1000 - Rs. 1500 = Rs. 8200 Interest paid by the bank for the month = (Rs. 8200 x 4)/(12 x 100) = Rs. 27.33

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