Maharashtra Board Class 7 Chapter 10 Set 40 Bank and Simple Interest Solutions

Question 1. If Rihanna deposits Rs 1500 in the school fund at 9 p.c.p.a for 2 years, what is the total amount she will get?
Answer: Solution:
Here, P = Rs 1500, R = 9 p.c.p.a, T = 2 years
\( \therefore \) Total interest = \( \frac{P \times R \times T}{100} \)
= \( \frac{1500 \times 9 \times 2}{100} \)
= \( 15 \times 9 \times 2 \)
= Rs 270
\( \therefore \) Total amount = Principal + Interest
= \( 1500 + 270 \)
= Rs 1770
\( \therefore \) Rihanna will get a total amount of Rs 1770.
In simple words: To find the total amount, we first calculate the simple interest using the formula PxRxT/100, then add this interest to the principal amount. Rihanna will get Rs 1770 in total.

🎯 Exam Tip: Remember to calculate both the simple interest and the total amount when asked for the total amount received. Show all steps clearly.

Question 2. Jethalal took a housing loan of Rs 2,50,000 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?
Answer: Solution:
Here, P = Rs 250000, R = 10 p.c.p.a., T = 5 years
\( \therefore \) Total interest = \( \frac{P \times R \times T}{100} \)
= \( \frac{250000 \times 10 \times 5}{100} \)
= \( 2500 \times 10 \times 5 \)
= Rs 1,25,000
\( \therefore \) Yearly interest = Total interest \( \div \) Time = \( 1,25,000 \div 5 \) = Rs 25000
Total amount to be returned = Principal + Total interest
= \( 250000 + 125000 \) = Rs 375000
\( \therefore \) The yearly interest is Rs 25,000 and Jethalal will have to return Rs 3,75,000 to the bank.
In simple words: First, calculate the total interest Jethalal has to pay over 5 years. Then, divide the total interest by the number of years to find the yearly interest. Finally, add the total interest to the principal loan amount to find the total amount to be returned.

🎯 Exam Tip: Pay attention to what the question asks for - both yearly interest and total amount. Calculate each component separately and present them clearly.

Question 3. Shrikant deposited Rs 85,000 for 2\( \frac{1}{2} \) 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?
Answer: Solution:
Here, P = Rs 85000, R = 7 p.c.p.a., T = 2\( \frac{1}{2} \) years = 2.5 years
\( \therefore \) Total interest = \( \frac{P \times R \times T}{100} \)
= \( \frac{85000 \times 7 \times 2.5}{100} \)
= \( \frac{85000 \times 7 \times 25}{100 \times 10} \)
= \( 85 \times 7 \times 25 \)
= Rs 14875
\( \therefore \) The total interest received by Shrikant at the end of the period is Rs 14875.
In simple words: To find the total interest, convert the mixed fraction time period into a decimal, then apply the simple interest formula PxRxT/100 using the principal, rate, and decimal time.

🎯 Exam Tip: When the time period is given as a mixed fraction, convert it to a decimal or improper fraction before applying the simple interest formula to avoid calculation errors.

Question 4. At a certain rate of interest, the interest after 4 years on Rs 5000 principal is Rs 1200. What would be the interest on Rs 15000 at the same rate of interest for the same period?
Answer: Solution:
The interest on Rs 5000 after 4 years is Rs 1200.
Let us suppose the interest on Rs 15000 at the same rate after 4 years is Rs x.
Taking the ratio of interest and principal, we get
\( \therefore \frac{x}{15000} = \frac{1200}{5000} \)

\( \implies x = \frac{1200 \times 15000}{5000} \)
= Rs 3600
\( \therefore \) The interest received on Rs 15000 is Rs 3600.
In simple words: Since the rate and time are constant, the interest is directly proportional to the principal. Set up a ratio of interests to principals to find the unknown interest.

🎯 Exam Tip: Recognize direct proportionality problems. When the rate and time are constant, the ratio of interest to principal remains constant, simplifying calculations.

Question 5. If Pankaj deposits Rs 1,50,000 in a bank at 10 p.c.p.a. for two years, what is the total amount he will get from the bank?
Answer: Solution:
Here, P = 150000, R = 10 p.c.p.a., T = 2 years
\( \therefore \) Total interest = \( \frac{P \times R \times T}{100} \)
= \( \frac{150000 \times 10 \times 2}{100} \)
= Rs 30000
\( \therefore \) Total amount = Principal + Total Interest
= \( 150000 + 30000 \)
= Rs 180000
\( \therefore \) Pankaj will receive Rs 180000 from the bank.
In simple words: Calculate the simple interest on the deposited amount over the given period, then add this interest to the original principal to find the total amount Pankaj will receive.

🎯 Exam Tip: Always double-check if the question asks for the total interest or the total amount (principal + interest). Use the correct formula for each part.

Maharashtra Board Class 7 Maths Chapter 10 Banks And Simple Interest Practice Set 40 Intext Questions And Activities

Question 1. Observe the entries made in the page of a passbook shown below and answer the following questions. (Textbook pg. no. 70)

Answer: Solution:
1. On 2.2.16 the amount deposited was Rs 1500 and the balance Rs 7000.
2. On 12.2.16, Rs 3000 were withdrawn by cheque no. 243965. The balance was Rs 9000.
3. On 26.2.2016 the bank paid an interest of Rs 135.
In simple words: The passbook entries show deposits, withdrawals, and interest. By reading across each row, one can identify the amount deposited or withdrawn on a specific date, and the resulting balance.

🎯 Exam Tip: Carefully read each column and row in a passbook entry to extract the correct information. Pay attention to dates, transaction types (cash, cheque, interest), and whether it's a deposit or withdrawal.

Question 2. Suvidya borrowed a sum of Rs 30000 at 8 p.c.p.a. interest for a year from her bank to buy a computer. At the end of the period, she had to pay back an amount of Rs 2400 over and above what she had borrowed. Based on this information fill in the blanks below. (Textbook pg. no. 70)
Answer: Solution:
1. Principal = Rs 30000
2. Rate of interest = 8%
3. Interest = Rs 2400
4. Time = 1 year.
5. The total amount returned to the bank = \( 30,000 + 2,400 \) = Rs 32400
In simple words: This question requires extracting the principal, interest rate, interest paid, and time from the given problem statement and then calculating the total amount returned.

🎯 Exam Tip: When filling in blanks based on a word problem, carefully identify each piece of information (Principal, Rate, Time, Interest, Total Amount) directly from the text provided.