Mr. Chaturvedi has a recurring deposit account in Grindlay’s Bank for 
years at 11% p.a. (simple interest). If he gets Rs 101418.75 at the time of maturity, find the monthly instalment.
Solution:
Let each monthly instalment = Rs x
Rate of interest = 11 %
Period (n) =
Total principal for one month
Rajiv Bhardwaj has a recurring deposit account in a bank of Rs 600 per month. If the bank pays simple interest of 7% p.a. and he gets Rs 15450 as maturity amount, find the total time for which the account was held.
Solution:
Deposit during the month (P) = Rs 600
Rate of interest = 7% p.a.
Amount of maturity = Rs 15450
Let time = n months
