#### 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) = years or 54 months,

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