Mathematics Semester ii Solutions Solutions for Class 7 Math Chapter 3 Banking And Simple Interest, Discount And Commission are provided here with simple stepbystep explanations. These solutions for Banking And Simple Interest, Discount And Commission are extremely popular among class 7 students for Math Banking And Simple Interest, Discount And Commission Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Mathematics Semester ii Solutions Book of class 7 Math Chapter 3 are provided here for you for free. You will also love the adfree experience on Meritnationâ€™s Mathematics Semester ii Solutions Solutions. All Mathematics Semester ii Solutions Solutions for class 7 Math are prepared by experts and are 100% accurate.
Page No 47:
Question O1:
Why should we save money?
Answer:
We should save money for the future. Money is saved for education, for buying home, and unexpected requirements like medical treatment and others.
Page No 47:
Question W1.1:
Find the simple interest in the following cases.
Principal = Rs.3,750, rate of interest = 8% p.a, Time = 2 years
Answer:
Page No 47:
Question W1.2:
Find the simple interest in the following cases.
Principal = Rs.10,000, rate of interest = 10% p.a, Time = 6 months
Answer:
.
Page No 47:
Question W1.3:
Find the simple interest in the following cases.
Principal = Rs.15,000, rate of interest = 5% p.a, Time = 219 days
Answer:
.
Page No 47:
Question W1.4:
Find the simple interest in the following cases.
Principal = Rs.20,000, rate of interest = 10% p.a, Time = 4 years
Answer:
.
Page No 47:
Question O2:
Mention the different types of bank accounts.
Answer:
The different types of bank accounts are:
(i) Saving Bank Account
(ii) Current Account
(iii) Term Deposit and Fixed Deposit Account
(iv) Recurring Deposit Account
(iv) No Frills Account
Page No 47:
Question O3:
Which are the points to be considered while calculating simple interest?
Answer:
Following points are considered while calculating simple interest:
(i) Principal (P)
(ii) Interest (I)
(iii) Time (T)
(iv) Rate of Interest (R)
Page No 47:
Question O4:
Mention the formula used to find simple interest.
Answer:
The formula to find simple interest is , where I is the simple interest, P is the principal, R is the rate and T is the time.
Page No 48:
Question W2:
Find the amount in the following cases.
Principal 
Rate of Interest 
Time 
Amount 

1. 
Rs. 12,000 
15% p.a 
3 years 4 months 
? 
2. 
Rs. 10,000 
219 days 
? 

3. 
Rs. 600 
10% p.a 
5 months 
? 
Answer:
1. We have,
Thus, amount,
2. We have,
∴ Amount,
3. We have,
∴ Amount,
The table after filling the answers is shown below.
Page No 48:
Question W3.1:
Solve the following problems.
What is the simple interest on Rs 5,000 for 3 years at 10% p.a.?
Answer:
Thus, the simple interest is Rs.1500.
Page No 48:
Question W3.2:
Solve the following problems.
Vijay borrowed a sum of Rs. 5,000 from the State Bank at 13% p.a. simple interest. How much amount should he pay after years?
Answer:
Thus, the amount that needs to pay after years is Rs.6625.
Page No 48:
Question W3.3:
Solve the following problems.
If Mary deposits Rs. 18,500 in a bank at 12% p.a simple interest, how much amount does she get after 6 months?
Answer:
Thus, the amount she gets after 6 months is Rs.19610.
Page No 48:
Question W3.4:
Solve the following problems.
Hari took a loan of Rs. 6,000 from a finance company at 18% p.a simple interest. If he repays both principal and interest after 3 years and 8 months, how much money will he pay?
Answer:
We have,
Thus, after 3 years 8 months, he needs to pay Rs.9960.
Page No 48:
Question W3.8:
Solve the following problems.
A farmer borrowed a sum of Rs. 10,000 as loan from a cooperative society at 8% p.a simple interest. The government exempted 2% interest as famine relief. He returned the loan after 5 years. How much interest did he save?
Answer:
Government exempted 2% interest. Thus, we have
Thus, we get
∴ Money saved = Rs.(4000 − 3000) = Rs.1000
Page No 48:
Question W3.7:
Solve the following problems.
Prakash borrowed a sum of Rs. 5,000 from his friend as loan at 5% p.a simple interest. If he pays Rs. 5,250 out of the total amount and gives a radio for the balance amount after 2 years, what is the cost of the radio?
Answer:
Amount,
Therefore, the cost of the radio is .
Page No 48:
Question W3.6:
Solve the following problems.
What is the simple interest for Rs. 5,500 at 5% p.a for 5 years if the amount is Rs. 6,875?
Answer:
Since the amount is Rs.6,875 and the principal is Rs.5,500, the simple interest, I is given by
Page No 48:
Question W3.5:
Solve the following problems.
Shylaja borrows a sum of Rs. 400 from her friend at 10% p.a simple interest. If she returns the money along with the interest after 146 days, how much will she pay altogether?
Answer:
Thus, altogether she needs to pay Rs.416.
Page No 52:
Question O1:
What is the simple interest if Rs. 100 amounts to Rs. 160 in 5 years?
Answer:
Rs.60
Page No 52:
Question W1.1:
Find the Principal.
Simple interest = Rs. 625; time = 5 years; rate of interest = 10% p.a
Answer:
Simple Interest (I) = Rs.625
Time (T) = 5 years
Rate (R) = 10% p. a.
Principal (P) = ?
Page No 52:
Question W1.2:
Find the Principal.
Simple interest = Rs.1,200; time = 3 years; rate of interest = 8% p.a
Answer:
Simple interest (I) = Rs.1,200.
Time (T) = 3 years
Rate (R) = 8% p. a.
Principal (P) = ?
Page No 52:
Question W1.3:
Find the Principal.
Amount = Rs.3,960; time = 4 years; rate of interest = 8% p.a
Answer:
Amount (A) = Rs.3,960
Time (T) = 4 years
Rate (R) = 8% p. a.
Principal (P) = ?
Let the principal be Rs.100.
If the amount is Rs.132, then the principal is Rs.100.
If the amount is Rs.1, then the principal is Rs..
If the amount is Rs.3,960, then the principal is:
Page No 52:
Question W1.4:
Find the Principal.
Amount = Rs. 15,000; time = 2 years; rate of interest = 12½% p.a
Answer:
Amount (A) = Rs.15,000.
Time (T) =2 years.
Rate (R) =
Principal (P) = ?
Let the principal be Rs.100.
∴Amount,
If the amount is Rs.125, then the principal is Rs.100.
If the amount is Rs.1, then the principal is Rs..
If the amount is Rs.15,000, then the principal is:
Page No 52:
Question W2.2:
Find the rate of interest.
Principal = Rs. 10,000; time = 2 years; amount = Rs 12,000
Answer:
Amount (A) = Rs.12,000
Principal (P) = Rs.10,000
Time (T) = 2 years
Simple Interest,
Page No 52:
Question W2.1:
Find the rate of interest.
Principal = Rs. 5,000; time years; simple interest = Rs. 2,025
Answer:
Simple Interest (I) = Rs.2,025
Principal (P) = Rs.5,000
Time (T) =.
Page No 52:
Question W1.5:
Find the Principal.
Amount = Rs. 1,416; time = 5 years; rate of interest = 9½% p.a
Answer:
Amount (A) =Rs.1,416
Time (T) = 5 years
Rate (R) =
Principal (P) =?
Let the principal be Rs.100.
∴Amount,
If the amount is Rs.147.5, then the principal is Rs.100.
If the amount is Rs.1, then the principal is Rs.
If the amount is Rs.1,416, then the principal is:
Page No 52:
Question O2:
What is the rate of interest if Rs. 800 earns a simple interest of Rs. 72?
Answer:
9%
Interest earned on Rs.800 is Rs.72
Interest earned on Rs.100 is Rs.(72 ÷ 8) = Rs.9
Page No 52:
Question W3.1:
Solve the following problems.
What sum will get an interest of Rs. 252 at the rate of 14% p.a in 3 years?
Answer:
Simple Interest (I) = Rs.252.
Rate (R) = 14%.
Time (T) = 3 years
Thus, an amount of Rs.600 will get an interest of Rs.252 at the rate of 14% p.a in 3 years.
Page No 52:
Question W3.2:
Solve the following problems.
What sum will amount to Rs. 392 at the rate of 4% p.a in 3 years?
Answer:
Amount (A) = Rs.392
Time (T) = 3 years
Rate (R) = 4%
Principal (P) = ?
Let the principal be Rs.100.
Amount,
If the amount is Rs.112, then the principal is Rs.100.
If the amount is Rs.1, then the principal is Rs..
If the amount is Rs.392, then the principal is:,
Thus, the sum of Rs.350 will amount to Rs.392 at the rate of 4% p.a in 3 years.
Page No 52:
Question W3.3:
Solve the following problems.
A certain sum of money is deposited by your father in Sahara India in the form of cumulative deposit. Your father gets an amount of Rs. 10,000 after 6 years. If Rs. 2,800 is the interest included in the amount find the sum deposited by your father.
Answer:
Amount (A) = Rs.10,000
Simple interest (I) = Rs.2,800
Time (T) = 6 years
Principal (P) = ?
Page No 53:
Question W3.4:
Solve the following problems.
At what percent per annum will Rs. 3,400 yield an interest of Rs. 1,700 in 5 years?
Answer:
Simple Interest (I) = Rs.1,700
Principal (P) = Rs.3,400
Time (T) = 5 years
Page No 53:
Question W3.11:
Solve the following problems.
A sum of Rs. 800 amounts to Rs. 1,160 in 4 years at a certain rate of interest. What is the amount for Rs. 640 at the same rate of interest?
Answer:
Amount (A) = Rs.1,160
Principal (P) = Rs.800
Time (T) = 4years
Simple Interest,
Principal (P) = Rs.640
Rate (R)
Time (T) = 4 years
Simple Interest,
Page No 53:
Question W3.10:
Solve the following problems.
A certain sum amounts to Rs. 2,870 in 2 years and Rs. 3,280 in 3 years at S.I. Find the principal and the rate of interest.
Answer:
Amount in 3 years = Rs.3,280
Amount in 2 years =Rs.2,870
Interest for 1 year = Rs.(3,280 − 2,870) = Rs. 410
Interest for 2 years
Page No 53:
Question W3.9:
Solve the following problems.
A certain sum of money amounts to Rs. 1,512 in 2 years and Rs. 1,568 in 3 years at S.I. Find the principal and the rate of interest.
Answer:
Amount in 3 years = Rs.1,568
Amount in 2 years = Rs.1,512
Interest for 1 year= Rs.56
Interest for 2 years
Page No 53:
Question W3.8:
Solve the following problems.
What is the rate of interest, if a certain sum triples itself in 10 years?
Answer:
Amount (A) = Rs.3x.
Principal (P) = Rs.x.
Time (T) = 10 years
Simple Interest,
Page No 53:
Question W3.7:
Solve the following problems.
At what rate of interest will a sum double itself in 8 years?
Answer:
Amount (A) = Rs.2x.
Principal (P)=Rs.x.
Time (T) = 8 years.
Simple Interest,
Page No 53:
Question W3.6:
Solve the following problems.
An Indira Vikasa Patra of Rs. 500 doubles itself in 5 years. What is the rate of interest allowed?
Answer:
Amount (A) = Rs.1,000
Principal (P) = Rs.500
Time (T) = 5 years
Simple Interest,
Page No 53:
Question W3.5:
Solve the following problems.
What is the rate of interest, if Rs. 1,200 amounts to Rs. 1,500 in 2 years?
Answer:
Amount (A) = Rs.1,500
Principal (P) = Rs.1,200
Time (T) = 2 years
Simple Interest,
Page No 57:
Question W1.3:
Find the selling price.
Marked price = Rs. 395; rate of discount = 8%
Answer:
Page No 57:
Question W1.2:
Find the selling price.
Marked price = Rs. 2,760; rate of discount = 5%
Answer:
Page No 57:
Question W1.1:
Find the selling price.
Marked price = Rs. 728; rate of discount = 6%
Answer:
Page No 57:
Question O1:
What is the selling price of a cycle if its marked price is Rs. 2,000 at a discount of Rs. 300?
Answer:
Rs.1700
Page No 57:
Question O2:
What is the discount if the marked price of radio is Rs. 1,000 and the selling price is Rs. 850?
Answer:
Rs.150
Page No 57:
Question W2.1:
Find the marked price.
Selling price = Rs. 500; rate of discount = 20%
Answer:
Let the marked price be Rs.100. Then, discount is Rs.20.
If the selling price is Rs.80, then the marked price is Rs.100.
If the selling price is Rs.500, then the marked price .
Page No 57:
Question W2.2:
Find the marked price.
Selling price = Rs.810; rate of discount = 40%
Answer:
Let the marked price be Rs.100. Then, discount is Rs.40.
If the selling price is Rs.60, then the marked price is Rs.100.
If the selling price is Rs.810, then the marked price .
Page No 57:
Question W2.3:
Find the marked price.
Selling price = Rs. 2,400; rate of discount = 4%
Answer:
Let the marked price be Rs.100. Then, discount is Rs.4.
If the selling price is Rs.96, then the marked price is Rs.100.
If the selling price is Rs.2,400, then the marked price .
Page No 57:
Question O3:
Find the rate of discount if the marked price of a chair is Rs. 500 and gets a discount Rs. 40?
Answer:
8%
Reason:
Discount on Rs.500 = Rs.40
∴Discount on Rs.100 = Rs.40 ÷ 5 = Rs.8
Page No 57:
Question W3.1:
Find the rate of discount.
Marked price = Rs. 550; Selling price = Rs. 495
Answer:
Marked Price = Rs.550
Selling Price = Rs.495
Page No 57:
Question W3.2:
Find the rate of discount.
Marked price = Rs. 120; Selling price = Rs. 102
Answer:
Marked Price = Rs.120
Selling Price = Rs.102
Page No 57:
Question W3.3:
Find the rate of discount.
Marked price = Rs. 440; Selling price = Rs. 352
Answer:
Marked Price = Rs.440
Selling Price = Rs.352
Page No 57:
Question W4.2:
Solve the following problems.
What is the amount of discount, if an article is bought at a discount of 20% on the marked price of Rs. 450?
Answer:
The marked price of an article = Rs.450
Rate of the discount = Rs.20%
Page No 57:
Question W4.1:
Solve the following problems.
The catalogue price of a watch is Rs. 575. If a discount of 12% is allowed, find its selling price.
Answer:
The catalogue price or marked price of a watch = Rs.575
Rate of the discount = Rs.12%
Thus, the selling price of the watch is Rs.506.
Page No 58:
Question W4.3:
Solve the following problems.
The marked price of a carpet is Rs. 2,500. If it is bought for Rs. 2,000, find the rate of discount.
Answer:
Marked price of a carpet = Rs.2,500
Selling Price of the carpet = Rs.2,000
Page No 58:
Question W4.4:
Solve the following problems.
A T.V. dealer recued the price of a T.V. by 15% and sold it for Rs. 8,500. Find the marked price of it.
Answer:
Let the marked price of the T.V. be Rs.100. Then, discount = Rs.15
If the selling price is Rs.85, then the marked price is Rs. 100.
If the selling price is Rs.8,500, then the marked price .
Page No 58:
Question W5:
Fill in the blanks.
Name of the article 
Marked price 
Rate of discount 
Selling price 

1. 
Sofa 
Rs. 3,500 
8% 
— 
2. 
Rain coat 
Rs. 250 
— 
Rs. 250 
3. 
Silk saree 
— 
8% 
Rs. 250 
4. 
Mirror 
Rs. 3,500 
8% 
— 
5. 
Electric fan 
Rs. 3,500 
— 
Rs. 250 
Answer:
Marked price of sofa = Rs.3,500.
Rate of discount = 8%
Thus, selling price of the sofa = Rs.3,220
2.
Marked price of the rain coat = Rs.250
Selling price of the rain coat = Rs.225
3.
Let the marked price of the silk saree be Rs.100. Then, discount= Rs.20
If the selling price is Rs. 80, then the marked price is Rs. 100.
If the selling price is Rs. 800, then the marked price
4.
Marked price of the mirror=Rs.500.
Rate of discount=15%.
∴Selling price of the mirror = Rs.425
5.
Marked price of an electric fan = Rs.960
Selling price of the electric fan = Rs.840
Page No 60:
Question O1:
What is the rate of commission if an article is sold Rs. 1,000 at a commission of Rs. 40?
Answer:
Rate of commission is 4%.
Explanation: For Rs.1,000, commission is Rs.40.
For Rs.100, the commission is .
Page No 60:
Question O2:
By selling a cupboard for Rs. 2,000, the agent gets a commission of Rs. 200. How much amount does the owner get?
Answer:
Rs.1,800
Explanation: Amount received by the owner = Rs.2000 − Rs.200 = Rs.1,800
Page No 61:
Question W1.1:
Solve the following problems.
An agent is paid a commission of 1% by the postal departments for selling National Savings certificates worth Rs. 27,500. What is the amount of commission he gets?
Answer:
Selling price of the certificate = Rs.27,500
Rate of commission = 1%
For Rs.100, the amount of commission is Rs.1.
For Rs.27,500, the amount of commission.
Page No 61:
Question W1.2:
Solve the following problems.
An agent has helped to sell a site worth Rs. 60,000 at a commission of 2%. How much commission does he get?
Answer:
Selling price of the site = Rs.60,000
Rate of commission = 2%
For Rs.100, the amount of commission is Rs.2.
For Rs.60,000, the amount of commission .
Page No 61:
Question W1.3:
Solve the following problems.
An agent received a commission of Rs. 750 for getting a vehicle sold for Rs. 50,000. Find the rate of commission.
Answer:
Selling price of a vehicle = Rs.50,000
Amount of commission =Rs.750
For Rs. 50,000, the amount of commission is Rs.750.
For Rs. 100, the amount of commission .
Thus, the rate of the commission is .
Page No 61:
Question W1.4:
Solve the following problems.
An agent received Rs. 3,000 commission by selling a land worth Rs. 30,000. Find the rate of commission.
Answer:
Selling price of the land = Rs.30,000
Amount of commission =Rs.3,000
For Rs.30,000, the amount of commission is Rs.3,000.
For Rs.100, the amount of commission .
Thus, the rate of commission is .
Page No 61:
Question W1.5:
Solve the following problems.
An agent receives an amount of Rs. 2,400 as commission by selling chemical fertilizers. If the rate of commission is 2%, find the cost of chemicals sold by him.
Answer:
Amount of commission = Rs.2,400
Rate of commission = 2%
If the commission is Rs.2, then the selling price is Rs.100.
If the commission is Rs.2,400, then the selling price .
Page No 61:
Question W1.6:
Solve the following problems.
An agent received Rs. 3,000 commission by selling an old lorry. If the rate of commission is 1.5%, find the selling price of the lorry.
Answer:
Amount of commission = Rs.3,000
Rate of commission
If the commission is Rs., then the selling price is Rs. 100.
If the commission is Rs.3,000 , then the selling price .
Page No 61:
Question W1.7:
Solve the following problems.
A broker who helps selling a pair of bullocks for Rs. 15,000 at 1% commission. How much commission does he get?
Answer:
Selling price of a pair of bullocks = Rs.15,000
Rate of the commission = 1%
For Rs.100, the amount of the commission is Re.1.
For Rs.15,000, the amount of the commission .
Thus, the broker gets a commision of Rs 150.
Page No 61:
Question W1.8:
Solve the following problems.
Kareem sold an old two wheeler for Rs. 15,000 at the rate of 1% commission. If he takes his commission and gives the remaining amount to the owner, how much amount does he get?
Answer:
Selling price of an old two wheeler= Rs.15,000
Rate of commission =1%
For Rs.100, the amount of commission is Rs.1.
For Rs.15,000, the amount of commission .
Thus, the amount received by the owner is .
Page No 61:
Question W1.9:
Solve the following problems.
Parmeshi bought a site for Rs. 34,000. He paid commission over the cost price. How much did he spend for the site on the whole?
Answer:
Cost price of a site = Rs.34,000
Rate of commission =%
For Rs.100, the amount of commission = Rs.
For Rs.34,000, the amount of commission .
Thus, the total cost of the site is .
Page No 61:
Question W2:
Fill in the blanks.
Name of the article 
Selling price 
Rate of commission 
Amount of commission 

1. 
T.V. 
Rs. 12,500 
2% 
— 
2. 
Motor bike 
Rs. 20,000 
— 
Rs. 400 
3. 
House 
— 
2% 
Rs. 5,000 
Answer:
1. Selling price of a T.V. = Rs.12,500
Rate of commission = 2%
For Rs.100, the amount of commission is Rs.2.
For Rs.12,500, the amount of commission .
2. Selling price of a motor bike = Rs.20,000
Amount of commission = Rs.400
For Rs.20,000, amount of commission is Rs.400.
For Rs.100, the amount of commission .
Thus, the rate of the commission is 2%.
3. Amount of commission = Rs.5,000
Rate of commission = 2%
If the commission is Rs.2, then the selling price is Rs.100.
If the commission is Rs.5,000, then the selling price .
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