Maharashtra State Board Class 7th Maths Chapter 10 Bank and Simple Interest Set 10.2 Solution

Question 1.
If the interest on Rs 1700 is Rs 340 for 2 years, the rate of interest must be__.
(A) 12%
(B) 15%
(C) 4%
(D) 10%
Solution:
(D) 10%

Hint:
word image 117

Question 2.
If the interest on Rs 3000 is Rs 600 at a certain rate for a certain number of years, what would the interest be on Rs 1500 under the same conditions?
(A) Rs 300
(B) Rs 1000
(C) Rs 700
(D) Rs 500
Solution:
(A) Rs 300

Hint:
The interest on Rs 3000 at certain rate of interest is Rs 600.
Let us suppose the interest on Rs 1500 at the same rate is x.
word image 121
∴ x = Rs 300

Question 3.
Javed deposited Rs 12000 at 9 p.c.p.a in a bank for some years, and withdrew his interest every year. At the end of the period, he had received altogether Rs 17,400. For how many years had he deposited his money?
Solution:
Here, P = Rs 12000, R = 9 p.c.p.a and amount = Rs 17400
Amount = Principal + Interest
∴17400 = 12000 + Interest
∴Interest = 17400 – 12000 = Rs 5400
word image 123
∴ T = 5 years
∴ Javed had deposited the amount for 5 years.

Question 4.
Lataben borrowed some money from a bank at a rate of 10 p.c.p.a interest for 2 years to start a cottage industry. If she paid Rs 10250 as total interest, how much money had she borrowed?
Solution:
Here, R = 10 p.c.p.a, T = 2.5 years, I = Rs 10250
Maharashtra Board Class 7 Maths Solutions Chapter 10 Banks and Simple Interest Practice Set 41 1
∴ P = Rs 41000
∴ Lataben had borrowed an amount of Rs 41000 from the bank.

Question 5.
Fill in the blanks in the table.

PrincipalRate of interest (p.c.p.a.)TimeInterestAmount
i.Rs 42007%3 years
ii.6%4 yearsRs 1200
iii.Rs 80005%Rs 800
iv.5%Rs 6000Rs 18000
v.21/2 % 25 yearsRs 2400

Solution:
word image 125
∴ T = 2 years
Amount = Principal + interest
= 8000 + 800
= Rs 8800

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PrincipalRate of interest (p.c.p.a.)TimeInterestAmount
i.Rs 42007%3 yearsRs 882Rs 5082
ii.Rs 50006%4 yearsRs 1200Rs 6200
iii.Rs 80005%2 yearsRs 800Rs 8800
iv.Rs 120005%10 yearsRs 6000Rs 18000
v.Rs 1920021/2 % 25 yearsRs 2400Rs 21600

Intext Questions and Activities

Question 1.
Ask an adult in your house to show you a passbook and explain the entries made in it. (Textbook pg. no. 70)
Solution:
(Students should attempt the above activities with the help of their parent / teacher.)

Question 2.
Visit different banks and find out the rates of the interest they give for different types of accounts. (Textbook pg. no. 74)
Solution:
(Students should attempt the above activities with the help of their parent / teacher.)

Question 3.
With the help of your teachers, start a Savings Bank in your school and open an account in it to save up some money. (Textbook pg. no. 74)
Solution:
(Students should attempt the above activities with the help of their parent / teacher.)