Maharashtra Board Class 7 Math Chapter 10 Banks and Simple Interest Solution

Maharashtra Board Class 7 Math Solution Chapter 10 – Banks and Simple Interest

Balbharati Maharashtra Board Class 7 Math Solution Chapter 10: Banks and Simple Interest. Marathi or English Medium Students of Class 7 get here Banks and Simple Interest full Exercise Solution.

Std

Maharashtra Class 7
Subject

Math Solution

Chapter

Banks and Simple Interest


Practice Set 40

1.) If Rihanna deposits 1500 rupees in the school fund at 9 p.c.p.a for 2 years, what is the total amount she will get?

ANS:

GIVEN THAT,

Rihanna deposits 1500 rupees in the school fund at 9 p.c.p.a for 2 years.

We know,

Interest = P x R x T / 100

Where,

P = principal = Rs.1500

R= Rate = 9%

T = years = 2

Interest = 1500 x 9 x 2 / 100

Interest = 15 x 9 x 2

Interest = Rs.270

Now,

Total Amount = Principal + Interest

Total Amount = 1500 + 270

Total Amount = Rs.1770

Total amount she will get is Rs.1770.

 

2.) Jethalal took a housing loan of 2, 50,000 rupees from a bank at 10 p.c.p.a. for 5 years. What is the yearly interest he must pay and the total amount he returns to the bank?

ANS:

GIVEN THAT,

Jethalal took a housing loan of 2, 50,000 rupees from a bank at 10 p.c.p.a. for 5 years.

We know,

Interest = P x R x T / 100

Where,

P = principal = Rs.2, 50,000

R= Rate = 10%

T = years = 5

Interest = 2, 50,000 x 10 x 5 / 100

Interest = 2500 x 10 x 5

Interest = Rs.1, 25,000

This is interest of 5 year we have to find for yearly.

We divide total interest by 5 years.

Rs.1, 25,000 / 5 = 25,000

Yearly interest he must pay is Rs. 25,000

Now,

Total Amount = Principal + Interest

Total Amount = 2, 50,000+ 1, 25,000

Total Amount = Rs.3, 75,000

Total amount he returns to the bank is Rs.3, 75,000

 

3.) Shrikant deposited 85,000 rupees for (2 ½) years at 7 p.c.p.a. in a savings bank account. What is the total interest he received at the end of the period?

ANS:

GIVEN THAT,

Shrikant deposited 85,000 rupees for (2 ½) years at 7 p.c.p.a. in a savings bank account.

We know,

Interest = P x R x T / 100

Where,

P = principal = Rs. 85,000

R= Rate = 7%

T = years = 2.5

Interest = 85,000 x 7 x 2.5 / 100

Interest = 850 x 7 x 2.5

Interest = Rs. 14875

Total interest he received at the end of the period is Rs. 14875

 

4.) At a certain rate of interest, the interest after 4 years on 5000 rupees principal is 1200 rupees. What would be the interest on 15000 rupees at the same rate of interest for the same period?

ANS:

GIVEN THAT,

Certain rate of interest, the interest after 4 years on 5000 rupees principal is 1200 rupees

We have to find interest on 15000 rupees at the same rate of interest for the same period.

We know,

Interest = P x R x T / 100

Where,

Interest =Rs. 1200

P = principal = Rs. 5,000

R= Rate = %

T = years = 4

We have to 1st find rate of interest R.

R = I x 100 / P x T

R = 1200 x 100 / 5000 x 4

R = 1, 20,000 / 20000

R = 6%

Now,

We have to find interest on 15000 rupees at the same rate of interest for the same period

We know,

Interest = P x R x T / 100

Where,

P = principal = Rs. 15,000

R= Rate = 6%

T = years = 4

Interest = 15,000 x 6 x 4 / 100

Interest = 150 x 6 x 4

Interest = Rs. 3600.

Interest on 15000 rupees at the same rate of interest for the same period is Rs. 3600.

 

5.) If Pankaj deposits 1, 50,000 rupees in a bank at 10 p.c.p.a. for two years, what is the total amount he will get from the bank?

ANS:

GIVEN THAT,

Pankaj deposits 1, 50,000 rupees in a bank at 10 p.c.p.a. for two years.

We know,

Interest = P x R x T / 100

Where,

P = principal = Rs. 1, 50,000

R= Rate = 10%

T = years = 2

Interest = 1, 50,000 x 10 x 2 / 100

Interest = 1500 x 10 x 2

Interest = Rs. 30,000.

Now,

Total Amount = Principal + Interest

Total Amount = 1, 50,000 + 30,000

Total Amount = Rs.1, 80,000

Total amount he returns to the bank is Rs. 1, 80,000

 

Practice Set 41

 1.) If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be ……… .

(i) 12 % (ii) 15 % (iii) 4 % (iv) 10 %

ANS:

We know,

Interest = P x R x T / 100

Where,

Interest =Rs. 340

P = principal = Rs. 1700

R= Rate = %

T = years = 2

We have to find rate of interest R.

R = I x 100 / P x T

R = 340 x 100 / 1700 x 2

R = 34000 / 3400

R = 10%

(iv) 10 %

 

 2.) If the interest on 3000 rupees is 600 rupees at a certain rate for a certain number of years, what would the interest be on 1500 rupees under the same conditions?

(i) 300 rupees (ii) 1000 rupees (iii) 700 rupees (iv) 500 rupees

ANS:

We know,

Interest = P x R x T / 100

Given that certain number of years.

We take 1 year for both condition.

We find 1st rate of interest R.

R = I x 100 / P x T

R = 600 x 100 / 3000 x 1

R = 60,000 / 3000

R = 20%

Now we are finding interest on principal 1500 rupees.

We know,

Interest = P x R x T / 100

Where,

P = principal = Rs. 1500

R= Rate = 20%

T = years = 1

Interest = 1500 x 20 x 1 / 100

Interest = 30000 /100

Interest = Rs. 300

(i) 300 rupees

 

 

 3.) Javed deposited 12000 rupees at 9 p.c.p.a. in a bank for some years, and withdrew his interest every year. At the end of the period, he had received altogether 17,400 rupees. For how many years had he deposited his money?

ANS:

Given that,

Javed deposited 12000 rupees at 9 p.c.p.a. in a bank for some years.

We are finding their interest for 1 year.

We know,

Interest = P x R x T / 100

Where,

P = principal = Rs. 12,000

R= Rate = 9%

T = years = 1

Interest = 12000 x 9 x 1 / 100

Interest = 120 x 9

Interest = Rs. 1080

Javed per year interest is Rs. 1080

At the end of the period, he had received altogether 17,400 rupees.

Given that total amount = 17,400 rupees.

We know,

Principal + interest = Amount

12,000 + interest =17,400

Interest = 17,400 – 12,000

Interest = 5400

But yearly interest is Rs.1080

We divide total interest by yearly interest.

5400 / 1080 = 5 years.

Javed deposited his money for 5 years.

 

4.) Lataben borrowed some money from a bank at a rate of 10 p.c.p.a. interest for 2 (1/ 2) years to start a cottage industry. If she paid 10250 rupees as total interest, how much money had she borrowed?

ANS:

Given that,

Total interest = 10250 rupees

Rate R = 10%

Year = 2.5

We know,

Interest = P x R x T / 100

We have to find principal.

P = I x100 / R x T

P = 10250 x 100 / 10 x 2.5

P = 10250 x 100 / 25

P = 10250 x 4

P = 41,000

Lataben borrowed 41,000 from a bank.

 

5.) Fill in the blanks in the table.

ANS:

i) Given that

We know,

Interest = P x R x T / 100

Where,

P = principal = Rs. 4200

R= Rate = 7%

T = years = 3

Interest = 4200 x 7 x 3 / 100

Interest = 42 x 21

Interest = Rs. 882

We know,

Principal + interest = Amount

Rs. 4200 + 882 = Amount

Amount = Rs.5082

 

ii) Given that,

Total interest = 1200 rupees

Rate R = 6%

Year = 4

We know,

Interest = P x R x T / 100

We have to find principal.

P = I x100 / R x T

P = 1200 x 100 / 6 x 4

P = 1200 x 100 / 24

P = 100 x100 / 2

P = 100 x 50

P = Rs.5000

 

iii) Given that

We know,

Interest = P x R x T / 100

Where,

P = principal = Rs. 8000

R= Rate = 5%

Interest = Rs.800

We have to find Time in year.

T = I x100 / R x P

T = 800 x 100 / 5 x 8000

T = 8 x 10 / 5 x 8

T = 2 years.

 

iv) Given that,

Amount = 18,000

Interest = 6,000

Rate = 5%

We have to find P and T

We know,

Principal + interest = Amount

Principal = Amount – interest

Principal = 18000 – 6000

Principal = 12,000

We have to find Time in year.

T = I x100 / R x P

T = 6000 x 100 / 5 x 12000

T = 100 / 10

T = 10 years.

 

v) Given that,

Total interest = 2400 rupees

Rate R = 5%

Year = 2.5

We know,

Interest = P x R x T / 100

We have to find principal.

P = I x100 / R x T

P = 2400 x 100 / 5 x 2.5

P = 2400 x 20 x 2 / 5

P = 2400 x 8

P = Rs.19, 200

We know,

Principal + interest = Amount

Rs.19, 200 + Rs.2400 = Amount

Amount = Rs.21,600

Updated: August 2, 2021 — 12:41 pm

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