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Vidaara.orgClass 10 · Mathematics
CodeVID-M10-17-SAV-01
Savings Account — Assignment
Chapter: Banking
Topic: Savings Account
Maximum Marks: 35
Time: 75 minutes
Name: ____________________ Roll No.: __________ Date: ____________

General Instructions

  • All questions are compulsory.
  • Section A carries 1 mark each, Section B 2 marks, Section C 3 marks and Section D 5 marks.
  • Show all working for Sections B, C and D. Only final answers are given at the end — for full solutions, raise your doubts with your teacher.
Section A — Multiple Choice Questions 5 × 1 = 5 marks
1.
Savings interest is computed on the:
  • A.maximum balance
  • B.minimum monthly balance
  • C.opening balance
  • D.average of all
2.
A savings account earns:
  • A.fees
  • B.interest
  • C.dividends
  • D.tax
3.
The interest formula is:
  • A.$\dfrac{PRT}{100}$
  • B.$PRT$
  • C.$P+RT$
  • D.$\dfrac{R}{PT}$
4.
A higher balance earns:
  • A.less
  • B.more interest
  • C.no interest
  • D.negative
5.
The balance used for savings interest is the:
  • A.closing balance
  • B.minimum monthly balance
  • C.opening balance
  • D.average
Section B — Short Answer (2 marks) 4 × 2 = 8 marks
6.
Find one month's interest on $\textsf{Rs }6000$ at $4\%$ p.a.
7.
If the yearly rate is $4\%$, what fraction is the monthly rate?
8.
Find the simple interest on $\textsf{Rs }12000$ at $4\%$ for $1$ year.
9.
Which balance is used for savings interest?
Section C — Short Answer (3 marks) 4 × 3 = 12 marks
10.
The qualifying sum of minimum monthly balances is $\textsf{Rs }60000$. Find the annual interest at $4\%$.
11.
Find the simple interest on $\textsf{Rs }15000$ at $4\%$ for $6$ months.
12.
If $\textsf{Rs }240$ interest is earned at $4\%$ for $1$ year, find the principal.
13.
Find the interest for $3$ months on $\textsf{Rs }8000$ at $5\%$ p.a.
Section D — Long Answer (5 marks) 2 × 5 = 10 marks
14.
The minimum monthly balances (in $\textsf{Rs}$) over $6$ months are $5000,6000,4000,7000,5000,3000$. Find the interest at $5\%$ p.a.
15.
Find the simple interest on $\textsf{Rs }20000$ at $6\%$ per annum for $9$ months.

Answer Key

Section A — Multiple Choice Questions
  1. (B) minimum monthly balance
  2. (B) interest
  3. (A) $\dfrac{PRT}{100}$
  4. (B) more interest
  5. (B) minimum monthly balance
Section B — Short Answer (2 marks)
  1. $\textsf{Rs }20$.
  2. $\tfrac{4}{12}\%$.
  3. $\textsf{Rs }480$.
  4. The minimum monthly balance.
Section C — Short Answer (3 marks)
  1. $\textsf{Rs }200$.
  2. $\textsf{Rs }300$.
  3. $\textsf{Rs }6000$.
  4. $\textsf{Rs }100$.
Section D — Long Answer (5 marks)
  1. $\textsf{Rs }125$.
  2. $\textsf{Rs }900$.
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