Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs. 1200 as interest at the time of maturity, Find:1. The monthly installment2. the amount of maturity

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	1. 8002. 20, 400
B	1. 12002. 20, 400
C	1. 9002. 20, 100
D	1. 10002. 20, 200

Explanation:

Detailed explanation-1: -Maturity Value= Total Deposited Amount + Total Simple Interest.

Detailed explanation-2: -A Recurring Deposit Account of Rs 1, 200 per Month Has a Maturity Value of Rs 12, 440. If the Rate of Interest is 8% and the Interest is Calculated-Mathematics. A recurring deposit account of Rs 1, 200 per month has a maturity value of Rs 12, 440.

Detailed explanation-3: -Tenure: The minimum period of a Recurring Deposit is six months at most of the banks. These deposits can be opened from 6 months to 10 years, depending on the depositor. Once the tenure and the RD amount has been set, it cannot be altered till maturity of the deposit.

Detailed explanation-4: -Yes, you can calculate returns from your RD investment by using the formula

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