Mathematics Semester ii Solutions Solutions for Class 7 Math Chapter 3 Banking And Simple Interest, Discount And Commission are provided here with simple step-by-step 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 ad-free 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.

#### Question O1:

Why should we save money?

We should save money for the future. Money is saved for education, for buying home, and unexpected requirements like medical treatment and others.

#### Question W1.1:

Find the simple interest in the following cases.

Principal = Rs.3,750, rate of interest = 8% p.a, Time = 2 years

#### Question W1.2:

Find the simple interest in the following cases.

Principal = Rs.10,000, rate of interest = 10% p.a, Time = 6 months

.

#### Question W1.3:

Find the simple interest in the following cases.

Principal = Rs.15,000, rate of interest = 5% p.a, Time = 219 days

.

#### Question W1.4:

Find the simple interest in the following cases.

Principal = Rs.20,000, rate of interest = 10% p.a, Time = 4 years

.

#### Question O2:

Mention the different types of bank accounts.

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

#### Question O3:

Which are the points to be considered while calculating simple interest?

Following points are considered while calculating simple interest:

(i) Principal (P)

(ii) Interest (I)

(iii) Time (T)

(iv) Rate of Interest (R)

#### Question O4:

Mention the formula used to find simple interest.

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.

#### 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 ?

1. We have,

Thus, amount,

2. We have,

∴ Amount,

3. We have,

∴ Amount,

The table after filling the answers is shown below.

#### Question W3.1:

Solve the following problems.

What is the simple interest on Rs 5,000 for 3 years at 10% p.a.?

Thus, the simple interest is Rs.1500.

#### 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?

Thus, the amount that needs to pay after years is Rs.6625.

#### 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?

Thus, the amount she gets after 6 months is Rs.19610.

#### 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?

We have,

Thus, after 3 years 8 months, he needs to pay Rs.9960.

#### Question W3.8:

Solve the following problems.

A farmer borrowed a sum of Rs. 10,000 as loan from a co-operative 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?

Government exempted 2% interest. Thus, we have

Thus, we get

∴ Money saved = Rs.(4000 − 3000) = Rs.1000

#### 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?

Amount,

Therefore, the cost of the radio is .

#### 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?

Since the amount is Rs.6,875 and the principal is Rs.5,500, the simple interest, I is given by

#### 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?

Thus, altogether she needs to pay Rs.416.

#### Question O1:

What is the simple interest if Rs. 100 amounts to Rs. 160 in 5 years?

Rs.60

#### Question W1.1:

Find the Principal.

Simple interest = Rs. 625; time = 5 years; rate of interest = 10% p.a

Simple Interest (I) = Rs.625

Time (T) = 5 years

Rate (R) = 10% p. a.

Principal (P) = ?

#### Question W1.2:

Find the Principal.

Simple interest = Rs.1,200; time = 3 years; rate of interest = 8% p.a

Simple interest (I) = Rs.1,200.

Time (T) = 3 years

Rate (R) = 8% p. a.

Principal (P) = ?

#### Question W1.3:

Find the Principal.

Amount = Rs.3,960; time = 4 years; rate of interest = 8% p.a

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:

#### Question W1.4:

Find the Principal.

Amount = Rs. 15,000; time = 2 years; rate of interest = 12½% p.a

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:

#### Question W2.2:

Find the rate of interest.

Principal = Rs. 10,000; time = 2 years; amount = Rs 12,000

Amount (A) = Rs.12,000

Principal (P) = Rs.10,000

Time (T) = 2 years

Simple Interest,

#### Question W2.1:

Find the rate of interest.

Principal = Rs. 5,000; time years; simple interest = Rs. 2,025

Simple Interest (I) = Rs.2,025

Principal (P) = Rs.5,000

Time (T) =.

#### Question W1.5:

Find the Principal.

Amount = Rs. 1,416; time = 5 years; rate of interest = 9½% p.a

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:

#### Question O2:

What is the rate of interest if Rs. 800 earns a simple interest of Rs. 72?

9%

Interest earned on Rs.800 is Rs.72

Interest earned on Rs.100 is Rs.(72 ÷ 8) = Rs.9

#### 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?

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.

#### Question W3.2:

Solve the following problems.

What sum will amount to Rs. 392 at the rate of 4% p.a in 3 years?

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.

#### 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.

Amount (A) = Rs.10,000

Simple interest (I) = Rs.2,800

Time (T) = 6 years

Principal (P) = ?

#### 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?

Simple Interest (I) = Rs.1,700

Principal (P) = Rs.3,400

Time (T) = 5 years

#### 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?

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,

#### 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.

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

#### 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.

Amount in 3 years = Rs.1,568

Amount in 2 years = Rs.1,512

Interest for 1 year= Rs.56

Interest for 2 years

#### Question W3.8:

Solve the following problems.

What is the rate of interest, if a certain sum triples itself in 10 years?

Amount (A) = Rs.3x.

Principal (P) = Rs.x.

Time (T) = 10 years

Simple Interest,

#### Question W3.7:

Solve the following problems.

At what rate of interest will a sum double itself in 8 years?

Amount (A) = Rs.2x.

Principal (P)=Rs.x.

Time (T) = 8 years.

Simple Interest,

#### 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?

Amount (A) = Rs.1,000

Principal (P) = Rs.500

Time (T) = 5 years

Simple Interest,

#### 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?

Amount (A) = Rs.1,500

Principal (P) = Rs.1,200

Time (T) = 2 years

Simple Interest,

#### Question W1.3:

Find the selling price.

Marked price = Rs. 395; rate of discount = 8%

#### Question W1.2:

Find the selling price.

Marked price = Rs. 2,760; rate of discount = 5%

#### Question W1.1:

Find the selling price.

Marked price = Rs. 728; rate of discount = 6%

#### Question O1:

What is the selling price of a cycle if its marked price is Rs. 2,000 at a discount of Rs. 300?

Rs.1700

#### Question O2:

What is the discount if the marked price of radio is Rs. 1,000 and the selling price is Rs. 850?

Rs.150

#### Question W2.1:

Find the marked price.

Selling price = Rs. 500; rate of discount = 20%

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 .

#### Question W2.2:

Find the marked price.

Selling price = Rs.810; rate of discount = 40%

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 .

#### Question W2.3:

Find the marked price.

Selling price = Rs. 2,400; rate of discount = 4%

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 .

#### Question O3:

Find the rate of discount if the marked price of a chair is Rs. 500 and gets a discount Rs. 40?

8%

Reason:

Discount on Rs.500 = Rs.40

∴Discount on Rs.100 = Rs.40 ÷ 5 = Rs.8

#### Question W3.1:

Find the rate of discount.

Marked price = Rs. 550; Selling price = Rs. 495

Marked Price = Rs.550

Selling Price = Rs.495

#### Question W3.2:

Find the rate of discount.

Marked price = Rs. 120; Selling price = Rs. 102

Marked Price = Rs.120

Selling Price = Rs.102

#### Question W3.3:

Find the rate of discount.

Marked price = Rs. 440; Selling price = Rs. 352

Marked Price = Rs.440

Selling Price = Rs.352

#### 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?

The marked price of an article = Rs.450

Rate of the discount = Rs.20%

#### 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.

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.

#### 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.

Marked price of a carpet = Rs.2,500

Selling Price of the carpet = Rs.2,000

#### 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.

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 .

#### 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

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

#### Question O1:

What is the rate of commission if an article is sold Rs. 1,000 at a commission of Rs. 40?

Rate of commission is 4%.

Explanation: For Rs.1,000, commission is Rs.40.

For Rs.100, the commission is .

#### 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?

Rs.1,800

Explanation: Amount received by the owner = Rs.2000 − Rs.200 = Rs.1,800

#### 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?

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.

#### 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?

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 .

#### 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.

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 .

#### 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.

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 .

#### 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.

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 .

#### 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.

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 .

#### 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?

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.

#### 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?

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 .

#### 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?

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 .

#### 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

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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