Maharashtra Board Class 7 Chapter 10 Set 41 Bank and Simple Interest Solutions

Question 1. If the interest on Rs 1700 is Rs 340 for 2 years, the rate of interest must be__.
(A) 12%
(B) 15%
(C) 4%
(D) 10%
Answer: (D) 10%
Solution:
Hint:
\[ \therefore \text{Total interest} = \frac{P \times R \times T}{100} \]
\[ \therefore 340 = \frac{1700 \times R \times 2}{100} \]
\[ \therefore R = 10\% \]
In simple words: To find the rate of interest, we use the simple interest formula: Rate = (Interest × 100) / (Principal × Time). Substituting the given values will lead to the correct rate of 10%.

🎯 Exam Tip: Remember the simple interest formula \( I = \frac{P \times R \times T}{100} \) and how to rearrange it to find any missing variable. Pay attention to units of time (usually years).

Question 2. If the interest on Rs 3000 is Rs 600 at a certain rate for a certain number of years, what would the interest be on Rs 1500 under the same conditions?
(A) Rs 300
(B) Rs 1000
(C) Rs 700
(D) Rs 500
Answer: (A) Rs 300
Solution:
Hint:
The interest on Rs 3000 at certain rate of interest is Rs 600.
Let us suppose the interest on Rs 1500 at the same rate is x.
\[ \therefore \frac{600}{3000} = \frac{x}{1500} \]
\[ \therefore x = \text{Rs } 300 \]
In simple words: The interest is directly proportional to the principal amount when the rate and time are constant. If the principal is halved (from Rs 3000 to Rs 1500), the interest will also be halved, resulting in Rs 300.

🎯 Exam Tip: Recognize direct proportionality in simple interest problems: if principal, rate, or time changes, the interest changes proportionally.

Question 3. Javed deposited Rs 12000 at 9 p.c.p.a in a bank for some years, and withdrew his interest every year. At the end of the period, he had received altogether Rs 17,400. For how many years had he deposited his money?
Answer: Solution:
Here, P = Rs 12000, R = 9 p.c.p.a and amount = Rs 17400
Amount = Principal + Interest
\[ \therefore 17400 = 12000 + \text{Interest} \]
\[ \therefore \text{Interest} = 17400 - 12000 = \text{Rs } 5400 \]
\[ \therefore \text{Total interest} = \frac{P \times R \times T}{100} \]
\[ 5400 = \frac{12000 \times 9 \times T}{100} \]
\[ \therefore \frac{5400 \times 100}{12000 \times 9} = T \]
\[ \therefore T = 5 \text{ years} \]
\[ \therefore \text{Javed had deposited the amount for 5 years.} \] In simple words: First, calculate the total interest earned by subtracting the principal from the total amount received. Then, use the simple interest formula \( I = \frac{P \times R \times T}{100} \) to find the time period for which the money was deposited.

🎯 Exam Tip: When given the principal and final amount, always calculate the total interest first. This simplifies finding other variables like rate or time.

Question 4. Lataben borrowed some money from a bank at a rate of 10 p.c.p.a interest for 2\( \frac{1}{2} \) years to start a cottage industry. If she paid Rs 10250 as total interest, how much money had she borrowed?
Answer: Solution:
Here, R = 10 p.c.p.a, T = 2.5 years, I = Rs 10250
\[ \therefore \text{Total interest} = \frac{P \times R \times T}{100} \]
\[ 10250 = \frac{P \times 10 \times 2.5}{100} \]
\[ \therefore 10250 = \frac{P \times 25}{100} \]
\[ \therefore \frac{10250 \times 100}{25} = P \]
\[ \therefore P = \text{Rs } 41000 \]
\[ \therefore \text{Lataben had borrowed an amount of Rs } 41000 \text{ from the bank.} \] In simple words: Given the interest paid, rate, and time, we can use the simple interest formula rearranged to solve for the principal amount, which represents the money borrowed.

🎯 Exam Tip: Convert mixed fractions like \( 2 \frac{1}{2} \) to decimal (2.5) for easier calculations in the simple interest formula.

Question 5. Fill in the blanks in the table.

Answer: Solution:
i. Total interest \( = \frac{P \times R \times T}{100} = \frac{4200 \times 7 \times 3}{100} \)
= Rs 882
Amount = Principal + interest
= 4200 + 882
= Rs 5082

ii. Total interest \( = \frac{P \times R \times T}{100} \)
\[ \therefore 1200 = \frac{P \times 6 \times 4}{100} \]
\[ \therefore P = \frac{1200 \times 100}{6 \times 4} \]
\[ \therefore P = \text{Rs } 5000 \]
Amount = Principal + interest
= 5000 + 1200
= Rs 6200

iii. Total interest \( = \frac{P \times R \times T}{100} \)
\[ \therefore 800 = \frac{8000 \times 5 \times T}{100} \]
\[ \therefore T = \frac{800 \times 100}{8000 \times 5} \]
\[ \therefore T = 2 \text{ years} \]
Amount = Principal + interest
= 8000 + 800
= Rs 8800

iv. Amount = Principal + interest
\[ \therefore 18000 = \text{Principal} + 6000 \]
\[ \therefore \text{Principal} = \text{Rs } 12000 \]
Total interest \( = \frac{P \times R \times T}{100} \)
\[ \therefore 6000 = \frac{12000 \times 5 \times T}{100} \]
\[ \therefore T = \frac{6000 \times 100}{12000 \times 5} \]
\[ \therefore T = 10 \text{ years} \]
v. R = \( 2 \frac{1}{2} \% = 2.5 \% \)
Total interest \( = \frac{P \times R \times T}{100} \)
\[ \therefore 2400 = \frac{P \times 2.5 \times 5}{100} \]
\[ \therefore 2400 = \frac{P \times 25 \times 5}{100 \times 10} \]
\[ \therefore P = \frac{2400 \times 10 \times 100}{25 \times 5} \]
\[ \therefore P = \text{Rs } 19200 \]
Amount = Principal + interest
= 19200 + 2400
= Rs 21600

Question 5. (Continued) Answer Table:

In simple words: For each row of the table, identify the missing values (Principal, Rate, Time, Interest, or Amount). Use the simple interest formula \( I = \frac{P \times R \times T}{100} \) and the relationship Amount = Principal + Interest to calculate the unknowns systematically and fill the table.

🎯 Exam Tip: Always present your final answers in a clear table format when requested. Ensure all currency values are explicitly marked with "Rs." and percentages with "%".

Maharashtra Board Class 7 Maths Chapter 10 Banks And Simple Interest Practice Set 41 Intext Questions And Activities

Question 1. Ask an adult in your house to show you a passbook and explain the entries made in it. (Textbook pg. no. 70)
Answer: Solution:
(Students should attempt the above activities with the help of their parent / teacher.)
In simple words: A passbook is a record of all transactions in a bank account, showing deposits, withdrawals, and interest earned. Understanding it helps learn how banking works.

🎯 Exam Tip: Practical activities like reviewing a passbook help students connect theoretical knowledge of banking with real-world applications.

Question 2. Visit different banks and find out the rates of the interest they give for different types of accounts. (Textbook pg. no. 74)
Answer: Solution:
(Students should attempt the above activities with the help of their parent / teacher.)
In simple words: Different banks offer varying interest rates based on account types (e.g., savings, fixed deposit). Researching these helps understand financial choices and returns.

🎯 Exam Tip: Comparing interest rates across different banks highlights the importance of financial literacy and making informed decisions for savings.

Question 3. With the help of your teachers, start a Savings Bank in your school and open an account in it to save up some money. (Textbook pg. no. 74)
Answer: Solution:
(Students should attempt the above activities with the help of their parent / teacher.)
In simple words: Creating a school savings bank helps students learn about saving, banking procedures, and the benefits of regular deposits in a practical, hands-on manner.

🎯 Exam Tip: Hands-on activities like setting up a school bank provide valuable practical experience in financial management and the concept of saving money.