#### Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs 1200 as interest at the time of maturity, find:

(i) the monthly instalment

(ii) the amount of maturity. (2016)

**Solution:**

Interest = Rs 1200

Period (n) = 2 years = 24 months

Rate (r) = 6% p.a.

#### Mr. R.K. Nair gets Rs 6,455 at the end of one year at the rate of 14% per annum in a recurring deposit account. Find the monthly instalment.

**Solution:**

Let monthly instalment is Rs P

here n = 1 year = 12 months

n = 12