Banking — Flashcards
ICSE · Class 10 · Mathematics
24 flashcards for Banking (ICSE Class 10 Mathematics) to test yourself on key terms and facts. Sample: "A bank receives ₹500 every month"
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Get startedA bank receives ₹500 every month in a recurring deposit for 6 months at 6% per annum. Find the interest using the recurring deposit formula.
Answer
Step 1: Use the formula I = P × [n(n+1)/(2 × 12)] × r / 100. Step 2: Substitute P = 500, n = 6, r = 6. Step 3: I = 500 × [6 × 7 / 24] × 6 / 100. Step 4: I = 500 × 42/24 × 6/100 = 500 × 7/4 × 6/100. St…
A person deposits ₹300 every month for 12 months in a recurring deposit at 8% per annum. Find the maturity value.
Answer
Step 1: Use MV = total deposit + interest. Step 2: Total deposit = 300 × 12 = ₹3600. Step 3: Find interest using I = P × [n(n+1)/(2 × 12)] × r / 100. Step 4: I = 300 × [12 × 13 / 24] × 8 / 100. Step 5…
Why is the first month’s deposit in a recurring deposit more important than the last month’s deposit?
Answer
The first month’s deposit stays with the bank for the longest time, so it earns interest for the maximum number of months. The last deposit stays for only one month, so it earns the least interest. Ex…
A customer deposits ₹200 each month for 9 months in a recurring deposit at 5% per annum. Find the interest step by step.
Answer
Step 1: Use I = P × [n(n+1)/(2 × 12)] × r / 100. Step 2: Substitute P = 200, n = 9, r = 5. Step 3: I = 200 × [9 × 10 / 24] × 5 / 100. Step 4: I = 200 × 90/24 × 5/100. Step 5: I = 200 × 15/4 × 5/100 = …
When should the recurring deposit interest formula be used?
Answer
Use it when monthly instalments are deposited in a recurring deposit account and interest is needed using the school formula. Formula: I = P × [n(n+1)/(2 × 12)] × r / 100. Example: For P = 100, n = 12…
A depositor pays ₹150 every month for 18 months at 4% per annum. Find the maturity value.
Answer
Step 1: Find total deposit = 150 × 18 = ₹2700. Step 2: Use I = P × [n(n+1)/(2 × 12)] × r / 100. Step 3: I = 150 × [18 × 19 / 24] × 4 / 100. Step 4: I = 150 × 342/24 × 4/100 = 150 × 57/4 × 4/100. Step …
What is the sum of the first 20 natural numbers?
Answer
Use the formula 1 + 2 + 3 + ... + n = n(n+1)/2. Step 1: Put n = 20. Step 2: Sum = 20 × 21 / 2. Step 3: Sum = 210. Answer: 210…
A person deposits ₹400 per month for 10 months at 7.5% per annum. Find the interest and maturity value.
Answer
Step 1: Use I = P × [n(n+1)/(2 × 12)] × r / 100. Step 2: Substitute P = 400, n = 10, r = 7.5. Step 3: I = 400 × [10 × 11 / 24] × 7.5 / 100. Step 4: I = 400 × 110/24 × 7.5/100. Step 5: I = 400 × 55/12 …
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