Question

The entires in a savings bank passbook are as given below:

| Date | Particulars | Withdrawals (In Rs) | Deposits (In Rs) | Balance (In Rs) |
| 01.01.03 | B/F | | | 14,000.00 |
| 01.02.03 | By cash | | 11,500.00 | 25.500.00 |
| 12.02.03 | To cheque | 5,000.00 | | 20,500.00 |
| 05.04.03 | By Cash | | 3,750.00 | 24,250.00 |
| 15.04.03 | To cheque | 4,250.00 | | 20,000.00 |
| 09.05.03 | By Cash | | 1,500 | 21,500.00 |
| 04.06.03 | By Cash | | 1,500 | 23,000.00 |

Calculate the interest for six months (January to June) at 4% per annum on the minimum balance on or after the tenth day of each month.

Answer 1

Minimum balance for Jan. = Rs. 14,000

Minimum balance for Feb. = Rs. 20,500

Minimum balance for Mar. = Rs. 20,500

Minimum balance for Apr. = Rs. 20,000

Minimum balance for May = Rs. 21,500

Minimum balance for June = Rs. 23,000

Total principal = Rs. 1,19,500