# Banking ML Aggarwal Solutions ICSE Maths Class-10

Banking ML Aggarwal Solutions ICSE Maths Class-10 Chapter-2 APC Understanding Solutions.  We Provide Step by Step Answer of Chapter-2 Banking , with MCQs and Chapter-Test Questions  / Problems related Exercise-2 Banking  for ICSE Class-10 APC Understanding Mathematics  .  Visit official Website CISCE  for detail information about ICSE Board Class-10.

## Banking ML Aggarwal Solutions ICSE Maths Class-10 Chapter-2

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Video Concepts

Exercise-2

MCQs

Chapter-Test

### How to Solve Banking Problems/Questions / Exercise of ICSE Class-10 Maths

Before viewing Answer of Chapter-2 Banking ML Aggarwal Solutions . Read the Chapter Carefully.  Then solve all the example of your text book.  For more practice on Banking related problems/Questions/Exercise try to solve Banking exercise of other famous publications also such as Goyal Brothers Prakshan (RS Aggarwal ICSE)  / Concise Selina Publications Mathematics. Get the formula of Banking for ICSE Class 10 Maths  to understand the topic more clearly in effective way.

### Exercise -2Banking ML Aggarwal Solutions

#### Question 1:

Shweta deposits Rs. 350 per month in a recurring deposit account for one year at the rate of 8% p.a. Find the amount she will receive at the time of maturity

Deposit per month = Rs 350,
Rate of interest = 8% p.a.
Period (x) = 1 year
= 12 months

#### Question 2

Saloni deposited Rs 150 per month in a bank for 8 months under the Recurring Deposit Scheme. ‘What will be the maturity value of his deposit if the rate of interest is 8% per annum ?

Deposit per month = Rs. 150
Rate of interest = 8% per
Period (x) = 8 month

#### Question 3

Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value. (2009)

Deposit per month (P) = Rs. 1000
Period = 3 years = 36 months
Rate = 8%

#### Question 4

Sonia had a recurring deposit account in a bank and deposited Rs. 600 per month for 2 ½ years. If  the rate of interest was 10% p.a., find the maturity value of this account.

Principal (n)= 2.5 year= 2.5*12 month=30 months

Principal (P)= Rs 600

Rate = 10% p.a.

Maturity Value= ……………

S.I.= P*n(n+1)*r*1/(2*100*12)

”  ”   = 600*30*31/2*100*12

Simple Interest .=  RS 2335

Now   Maturity Value = P*n+S.I.

Maturity Value=600*30+2325

…………………=RS 20325 Ans

#### Question 5

Kiran deposited Rs. 200 per month for 36 months in a bank’s recurring deposit account. If the banks pays interest at the rate of 11% per annum, find the amount she gets on maturity ?

Amount deposited month (P) = Rs. 200
Period (n) = 36 months,
Rate (R) = 11% p.a.
Now amount deposited in 36 months = Rs. 200 x 36 = Rs 7200

#### Question 6

Haneef 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.

Interest = Rs. 58800
Monthly deposit (P) = Rs. 600

#### Question 7

David opened a Recurring Deposit Account in a bank and deposited Rs. 300 per month for two years. If he received Rs. 7725 at the time of maturity, find the rate of interest per annum. (2008)

Deposit during one month (P) = Rs. 300
Period = 2 years = 24 months.
Maturity value = Rs. 7725

#### Question 8

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 :
(i) the total interest earned by Mr. Gupta.
(ii) the rate of interest per annum.

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

#### Question 9

Shahrukh opened a Recurring Deposit Account in a bank and deposited Rs 800 per month for $1 \frac { 1 }{ 2 }$ years. If he received Rs 15084 at the time of maturity, find the rate of interest per annum.

Money deposited by Shahrukh per month (P)= Rs 800
r = ?

#### Question 10

Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs 1200 as interest at the time of maturity, find:
(i) the monthly instalment
(ii) the amount of maturity. (2016)

Interest = Rs 1200
Period (n) = 2 years = 24 months
Rate (r) = 6% p.a.

#### Question 11

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.

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

#### Question 12

Samita has a recurring deposit account in a bank of Rs 2000 per month at the rate of 10% p.a. If she gets Rs 83100 at the time of maturity. Find the total time for which the account was held.

Deposit per month = Rs 2000,
Rate of interest = 10%, Let period = n months

### MCQs of Chapter-2 Banking

#### Question 1

If Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for $1 \frac { 1 }{ 2 }$ years, then the total money
deposited in the account is
(a) Rs 11400
(b) Rs 14400
(c) Rs 13680
(d) none of these

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

#### Question 2

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

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

#### Question 3

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

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

#### Question 4

John deposited Rs 400 every month in a bank’s recurring deposit account for $2 \frac { 1 }{ 2 }$ years. If he gets Rs 1085 as interest at the time of maturity, then the rate of interest per annum is
(a) 6%
(b) 7%
(c) 8%
(d) 9%

Deposit (P) = Rs 400 per month
Period (n) = $2 \frac { 1 }{ 2 }$ years = 3 months
Interest = Rs 1085
Let r% be the rate of interest

### Chapter-Test Solutions of Exercise-2 Banking  for ML aggarwal ICSE Class-10 APC Understanding Maths

#### Question 1

Mr. Dhruv deposits Rs 600 per month in a recurring deposit account for 5 years at the rate of 10% per annum (simple interest). Find the amount he will receive at the time of maturity.

Deposit per month = Rs 600
Rate of interest = 10% p.a.
Period (n) = 5 years 60 months.
Total principal for one month

#### Question 2

Ankita started paying Rs 400 per month in a 3 years recurring deposit. After six months her brother Anshul started paying Rs 500 per month in a $2 \frac { 1 }{ 2 }$ years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?

In case of Ankita,
Deposit per month = Rs 400
Period (n) = 3 years = 36 months
Rate of interest = 10%
Total principal for one month

#### Question 3

Shilpa has a 4 year recurring deposit account in Bank of Maharashtra and deposits Rs 800 per month. If she gets Rs 48200 at the time of maturity, find
(i) the rate of simple interest,
(ii) the total interest earned by Shilpa

Deposit per month (P) = Rs 800
Amount of maturity = Rs 48200

#### Question 4

Mr. Chaturvedi has a recurring deposit account in Grindlay’s Bank for $4 \frac { 1 }{ 2 }$ years at 11% p.a. (simple interest). If he gets Rs 101418.75 at the time of maturity, find the monthly instalment.

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

#### Question 5

Rajiv Bhardwaj has a recurring deposit account in a bank of Rs 600 per month. If the bank pays simple interest of 7% p.a. and he gets Rs 15450 as maturity amount, find the total time for which the account was held.

Deposit during the month (P) = Rs 600
Rate of interest = 7% p.a.
Amount of maturity = Rs 15450
Let time = n months

— : End of Banking Solutions :–

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