Question
Download Solution PDFR wants to deposit ₹80,000 in the bank for a year. In his account, the bank gives 12% simple annual interest but charges ₹3,000 as a processing fee for the account. What would be his percentage earnings in the account?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
R wants to deposit ₹80,000 in the bank for a year. In his account, the bank gives 12% simple annual interest but charges ₹3,000 as a processing fee for the account.
Formula used:
Simple interest = P × R × T / 100 [ P = principal, R = rate of interest, T = time]
Calculation:
Simple interest is 80000 × 12 × 1/100 = Rs 9600
After charging the processing fee the profit amount
9600 - 3000 = 6600
As per the question,
The percentage of earning in this account is (6600 / 80000) × 100 = 8.25%
∴ The correct option is 4
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