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Interest on recurring deposits

Maths & Stats

On 1.10.2020, Mr. Rajesh started a six months recurring deposit of 2,00,000 per month@8% p.a. with PQR Bank. The recurring deposit matures on 31.3.2021. How to calculate interest amount?

DIVYA S

DIVYA S

CA Final

★ 53K+

28-Jan-22 10:39

3K+

Answers (1)

Interest 8% p.a. so p.m is 0.6667% Interest is computed at end of each month closing balance.... Total interest 28000

Sudha Reddy

Sudha Reddy

CA Final

★ 20K+

28-Jan-22 11:47

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