Kerala Board Solutions for Chapter: Money Maths, Exercise 3: Exercise 3

Arun deposited $₹5000$ in a bank which compounds interest half-yearly and Mohan deposited the same amount in another bank which compounds interest quarterly. The annual rate of interest is $6\%$ at both the banks. If Mohan gets $₹k$ (correct up to one decimal place) more after one year, then find the value of $k$.

A person took out a loan of $₹16,000$ from a bank which charges interest compounded quarterly. The annual rate of interest is $10\%$. How much should he pay back after $9$ months to settle the loan?

Manu deposited $₹15,000$ in a financial establishment which pays interest compounded every $3$ months, at $8\%$ annual rate. If he gets back $₹A$ after one year, then find the value of $A$ (correct to two decimal places).

John deposited $₹2500$ on the first of January in a bank where interest is compounded half-yearly at $6\%$ annual rate. On the first of July, he deposits $₹2500$ more. How much would he have in his account at the end of the year?

Ramlat deposits $₹30000$ in a financial establishment which pay interest at $9\%$ annual rate, compounded every four months. How much
would she get back after one year?