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 1^{st} 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 1^{st} 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