Question

2. A has withdran Rs 1000 at the end of every month from 1st July. Calculate 12 % interest on drawing for the
year ending on 31" march​

Answer 1

Answer:$Rs.275$

Explanation:

Interest on drawing = Total drawings x rate of interest x average period/12

                                = 1,000 x 12 x 5/100 x 5.5/12 (WN 1)

                                = 12,000 x 5% x 5.5/12

                                = RS-275.

Working note:-

Average period = Beginning period of use + end period of use

                            ------------------------------------------------------------------

                                                               2

                          = 11 + 0

                            --------

                                2

                            = 5.5

Answer 2

Answer:

The interest on drawing is Rs 495

Explanation:

Given :

Money withdraw by A = Rs 1,000

Money withdraw at the end of every month from July 1 st

Year ending on = 31 st March

Interest rate = 12 %

To find :

Calculate interest on drawing

Solution :

Total amount withdrawn = Rs 9,000

Average Period = 5.5

Interest on drawing =

$\boxed{\sf{Total\:amount \times\dfrac{Rate \: of \: interest}{100} \times \dfrac{Average \: period}{12}}}$

$\longrightarrow{\sf{9,000 \times \dfrac{12}{100} \times \dfrac{5.5}{12}}}$

$\longrightarrow$ 495

Interest on drawing = Rs 495

Therefore,

The interest on drawing is Rs 495