MCQEasy1 mark
25
Select the correct option for each of the following questions. Joseph has a recurring deposit account in a bank for two years at the rate of 8%per annum simple interest.
If at the time of maturity Joseph receives ₹ 2000 as interest then the monthly installment is
Topic: Recurring deposit / interest
Previous-year question practice database
Try it
Pick an option and check your answer. The full worked answer is below either way.
Answer
Exam answer
(c) ₹1,000
Explanation
Using the recurring-deposit interest formula with I = ₹2,000 and the given term/rate gives the monthly instalment ₹1,000.
In words
₹1,000
More from Banking (Recurring Deposit Account)
A and B opened a recurring deposit account in a bank which is paying simple interest at 9% per annum. A deposited ₹ 1,500 for one year and B deposited ₹ 1,200 for 15 months. The amount invested by :2026interest earned by Vinay.2026sum deposited by Rohit every month2026Mr. Anuj deposits ₹500 per month for 18 months in a recurring deposit account at a certain rate. If he earns ₹570 as interest at the time of maturity, then his matured amount is:2025the rate of interest.2025how much more interest Mrs. Rao will receive if she had deposited ₹50 more per month at the same rate of interest and for the same time.2025