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ICSE Class 10 Answered

kindly let us know the method of calculating interest of the attatched question
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Asked by pradipdhole | 24 Mar, 2019, 06:30: PM
answered-by-expert Expert Answer
As per the entries oin passbook, we have following records:
 
Month Min balance bet 10th day and last day (in Rs) Qualifying amount for interest
Jan
Feb
500
500
 500 x 2 = 1,000
March
April
May
400
400
400
 400 x 3 = 1,200
June 1,900 1,900
July
August
1,700
1,700
 1,700 x 2 = 3,400
September 3,000 3,000
October 00 00
Total   10,500
therefore P r i n c i p a l space f o r space o n e space m o n t h space equals space R s. space 10 comma 500 R a t e space o f space i n t e r e s t space equals space 5 percent sign I n t e r e s t space equals space fraction numerator space 10 comma 500 cross times begin display style 1 over 12 end style cross times 5 over denominator 100 end fraction equals 43.75 space R s.
Answered by Renu Varma | 26 Mar, 2019, 09:56: AM

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