This is the first set of questions on Banking. I hope you are now prepared for the exam and confident about your success. I have already uploaded MCQs on the full syllabus, the link is given below.
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Solutions of MCQs of Banking are given below
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Solutions
Question: Hitambar gets ₹ 6260 at the end of one year at the rate
of 8% per annum in a recurring deposit account. The monthly
installment paid by him is
- (a) ₹ 200
- (b) ₹ 250
- (c) ₹ 500
- (d) ₹ 560
Solutions: Maturity amount = ₹ 6260, n = 12, r = 8% , let money deposited per month = ₹ P
as maturity amount = P × n + P × {n(n+1) / (2 ×12)} × (r / 100)
6260 = P × 12 + P × {(12 × 13) / (2 × 12) } × (8/ 100)
⇒ 6260 = 12 P + 0.52 P
⇒ 6260 = 12.52 P
⇒ P = 500
Money deposited per month = ₹ 500
Option (c) |
Question: Amit deposited ₹ 80 per month in a cumulative
deposit account for five years. The amount payable to him on
maturity, if the rate of interest is 6% per annum, is
- (a) ₹ 732
- (b) ₹ 5532
- (c) ₹ 4800
- (d) none of these
Solution: P = ₹ 80, n= 60, r = 6%
Total money deposited = P n = ₹ 80 × 6o = ₹ 4800
Interest = I = P × {n(n+1) / (2 ×12) } × (r / 100)
= ₹ 80 × {(60 × 61) / (2 × 12)} × (6 / 100)
= ₹ 732
Amount on maturity = ₹ 4800 + ₹ 732 = ₹ 5532
Option (b) |
Question: A recurring deposit account of ₹ 500 per month has a maturity
value of ₹ 9570. If the rate of interest is 8% per annum and interest is
calculated at the end of every month; the time in months of this
Recurring Deposit account is held:
- (a) 12
- (b) 18
- (c) 24
- (d) 30
Solution: P = ₹ 500, Amount on maturity = ₹ 9570, r = 8%
Maturity amount = total money deposited + interest earned
⇒ 9570 = 500 n + 500 × {n (n+1) / (2 × 12)} × (8 / 100)
⇒ 9570 = 500 n + {5 × n (n+1) } / 3
⇒ 1914 = 100 n + (n² + n) / 3 (dividing each term by 5)
⇒ 5742 = 300 n + n² + n (multiplying each term by 3)
⇒ n² + 301 n − 5742 = 0
⇒ n² + 319 n − 18 n − 5742 = 0
⇒ n( n + 319) − 18 (n + 319) = 0
⇒ (n + 319) (n − 18) = 0
⇒ n = − 319 (not possible), n = 18
Option (b) |
Question: Aryan opened a recurring deposit account in a bank.
He deposited ₹ 2500 per month for two years. At the time of
maturity, he got ₹ 67500. The rate of interest per annum is :
- (a) 10%
- (b) 8%
- (c) 12%
- (d) 6%
Solution: P = ₹ 2500, n = 24, amount on maturity = ₹ 67500
Let rate of interest per annum be r%
Total money deposited = ₹ 2500 × 24 = ₹ 60, 000
Interest earned = I = amount on maturity − total money deposited
= ₹ 67500 − ₹ 60000 = ₹ 7500
As I = P × n × (n + 1) / (2 × 12) × (r / 100)
⇒ 7500 = 2500 × {(24 × 25) / (2 × 12) } × (r / 100)
⇒ 7500 = 25 × 25 × r
⇒ r = 7500 / (25 × 25) = 12
∴ rate of interest per annum is 12%
Option (c) |
Question: Anuja deposits ₹ 200 per month in a recurring deposit
account at 9% per annum and earned a total interest of ₹ 1764.
No of installments that she paid:
- (a) 12
- (b) 24
- (c) 36
- (d) 48
Solution: P = ₹ 200, r = 9%, I = ₹ 1764
Let no of instalments be n
As I = P × {n(n + 1) / (2 × 12) } × (r / 100)
⇒ 1764 = 200 ×{ (n² + n) / (2 × 12) } × (9 / 100)
⇒ 1764 = (n² + n) × 3 / 4
⇒ n² + n = (1764 × 4) / 3
⇒ n² + n − 2352 = 0
⇒ n² + 49 n − 48 n − 2352 = 0
⇒ n(n + 49) − 48(n + 49) = 0
⇒ (n + 49) (n − 48) = 0
⇒ n = − 49 (not possible) or n = 48
∴ no of instalments = 48
Option (d) |
Question: Tushar has a recurring deposit account of ₹ 200 per
month for a period of 2 years at the rate of 7% per annum.
The amount that Tushar will receive at the time of maturity is:
- (a) ₹ 3000
- (b) ₹ 3500
- (c) ₹ 5150
- (d) none of these
Solution: P = ₹ 200, n = 24, r = 7%,
Total money deposited = P × n = ₹ 200 × 24 = ₹ 4800
Interest earned = ₹ 200 × {(24 × 25) / (2 × 12) } × (7 / 100)
= ₹ 350
Amount on maturity = ₹ 4800 + ₹ 350 = ₹ 5150
Option (c) |
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