Banking MCQ Type Questions ICSE Class-10 Maths

Banking MCQ Type Questions ICSE Class-10 Maths for Sem-1. These MCQ / Objective Type Questions is based on latest reduced syllabus according 2021-22 session on bifurcated pattern. Main motto of MCQ Type Question is cracking the next upcoming exam of council. Visit official website CISCE for detail information about ICSE Board Class-10 Maths.

ICSE Class-10 Maths Banking MCQ Type Questions

Board	ICSE
Class	10th ( x )
Subject	Maths
Chapter	Banking
Syllabus	on bifurcated syllabus (after reduction)
bifurcated pattern	Semester-1
Session	2021-22
Topic	MCQ / Objective Type Question

MCQ Type Questions of ICSE Class-10 Maths Banking

Question -1 Mr John has a cumulative bank account and deposits Rs. 600 per month for a period of 4 years. If he gets Rs. 5880 as interest at the time of maturity, find the rate of interest.

(a) 11

(b) 10.5

(d) 11.5

Answer- (c) 10

Interest = Rs. 58800

Monthly deposit (P) = Rs. 600

Period (n) = 4 years or 48 months

∴ Deposit for 1 month = {P(n)(n+1)}/2

= (600 × 48 × 49)/2

= Rs. 705600

Let, rate of interest = r% p.a.

Interest = Prt/100

⇒ 58800 = (705600 × r × 1)/(100 × 12)

5880 = 588r

∴ r = 5880/588 = 10

Question- 2 Mr. Gupta-opened a recurring deposit account in a bank. He deposited Rs. 2500 per month for two years. At the time of maturity he got Rs. 67500. Find : the total interest earned by Mr. Gupta.

(a) 600

(b) 750

(d) 7500

Answer- (d) 7500

Deposit per month = Rs. 2500
Period = 2 years = 24 months
Maturity value = Rs. 67500

∴ Total principal for 1 month = (P × n(n +1))/2

= ₹ (2500 × 24 × 25)/2

= ₹ 750000

∴ Interest = ₹ 67500 – 24 × 2500

= ₹ 67500 – 60000

= ₹ 7500

Question -3 Mr. R.K. Nair gets Rs 6,455 at the end of one year at the rate of 14% per annum in a recurring deposit account. Find the monthly instalment.

(a) 600

(b) 750

(d) 1000

Answer- (c) 500

Let monthly instalment is Rs P
here n = 1 year = 12 months
n = 12

∵ M.V. = n(n +1)/(2 × 12) × (P × R)/100 + P.n

⇒ ₹ 6455 = 12(12 + 1)/(2 × 12) × (P × 14)/100 + P.12

₹ 6455 = (13 × P × 7)/100 + P.12

⇒ ₹ 6455 = (91P + 1200P)/100

⇒ ₹ 645500 = 1291 P

⇒ P = 645500/1291 = ₹500

Question -4 If Mohit opened a recurring deposit account in a bank and deposited Rs 800 per month for 1 and 1/2 years, then the total money

deposited in the account is
(a) Rs 11400
(b) Rs 14400
(c) Rs 13680
(d) none of these

Answer (b) Rs 14400

Monthly deposit = Rs800
Period (n) = $1 \frac { 1 }{ 2 }$ years = 18 months
.’. Total money deposit = Rs 800 x 18
= Rs 14400 (b)

Question -5 Mrs. Asha Mehta deposit Rs 250 per month for one year in a bank’s recurring deposit account. If the rate of (simple) interest is 8% per annum, then the interest earned by her on this account is

(a) Rs 65
(b) Rs 120
(c) Rs 130
(d) Rs 260

Answer- (c) Rs 130

Deposit per month (P) = Rs 250
Period (n) = 1 year = 12 months
Rate (r) = 8% p.a.

∴ Interest = (P × n × (n + 1))/(2 × 12) × r/100

= (250 × 12 + 13)/(2 × 12) × 8/100

= ₹ 130

Question-6 Mr. Sharma deposited Rs 500 every month in a cumulative deposit account for 2 years. If the bank pays interest at the rate of 7% per annum, then the amount he gets on maturity is

(a) Rs 875
(b) Rs 6875
(c) Rs 10875
(d) Rs 12875

Answer- (d) Rs 12875

Deposit (P) = Rs 500 per month
Period (n) = 2 years = 24 months
Rate (r) = 7% p.a.

∴ Interest = P × n × (n + 1)/(2 × 12) × r/100

= (500 × 24 × 25 × 7)/(2 × 12 × 100)

= ₹ 875

∴ Maturity value = P × 24 + Interest

= ₹ 500 × 24 + 875

= ₹ 12000 × 875

= ₹ 12875

Question -7 Mr. Chaturvedi has a recurring deposit account in Grindlay’s Bank for 4 and 1/2 years at 11% p.a. (simple interest). If he gets Rs 101418.75 at the time of maturity, find the monthly instalment.

(a) Rs 1500.75
(b) Rs 1485
(c) Rs 1418
(d) Rs 1500

Answer- (d) Rs 1500

Let each monthly instalment = Rs x
Rate of interest = 11 %
Period (n) = $4 \frac { 1 }{ 2 }$ years or 54 months,
Total principal for one month.

₹ x × n(n + 1)/2

= ₹ x × 54(54 + 1)/2

= ₹ x (54 × 55)/2

= 1485x

Interest = (1485x 11 × 1)/(100 × 12)

= 13.6125x

∴ Total amount of maturity = 54x + 13.6125x

= 67.6125x

∴ 67.6125x = 101418.75

x = 101418.75/67.6125

= ₹ 1500

Question-8 Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits 600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum.

(a) Rs 13050
(b) Rs 1050
(c) Rs 12000
(d) Rs 1200

Answer- (a) Rs 13050

Question 9 Ashish deposits a certain sum of money every month is a Recurring Deposit Account for a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets 12,715 as the maturity value of this account, what sum of money did money did he pay every month?

(a) Rs 1200
(b) Rs 1000
(c) Rs 1100
(d) Rs 900

Answer- (b) Rs 1000

Question 10 Mrs. Geeta deposited 350 per month in a bank for 1 year and 3 months under the Recurring Deposit Scheme. If the maturity value of her deposits is 5,565; find the rate of interest per annum.

(a) 10%
(b) 11%
(c) 8%
(d) 9%

Answer- (d) 9%

Question- 11 Pramod deposits 600 per month in a Recurring Deposit Account for 4 years. If the rate of interest is 8% per year; calculate the maturity value of his account.

(a) Rs33,504
(b) Rs32,504
(c) Rs34,504
(d) Rs31,504

Answer- (a) Rs33,504

Question 12 Gopal has a cumulative deposit account and deposits 900 per month for a period of 4 years he gets 52,020 at the time of maturity, find the rate of interest.

(a) 10 %
(b) 9 %
(c) 10.5 %
(d) 9.5 %

Answer- (a) 10 %

Question 13 Ritu has a Recurring Deposit Account in a bank and deposits 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of account is 1,554.

(a) 10 %
(b) 9 %
(c) 10.5 %
(d) 9.5 %

Answer- (a) 10 %

Question 14 Mr. Bajaj needs 30,000 after 2 years. What least money (in multiple of 5) must he deposit every month in a recurring deposit account to get required money after 2 years, the rate of interest being 8% p.a.?

(a) 1150 Rs
(b) 1145 Rs
(c) 1155 Rs
(d) 1160 Rs

Answer- (c) 1155 Rs

Question 15

Deepa has a 4-year recurring deposit account in a bank and deposits 1,800 per month. If she gets 1,08,450 at the time of maturity, find the rate of interest.

(a) 12%
(b) 13.5%
(c) 13%
(d) 12.5%

Answer- (d) 12.5%

–: End of Banking MCQ Type Questions ICSE Class-10 Maths :-

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