Question

A partner makes drawings of Rs.2,000p.m. under the partnership deed. Interest is to be charged at 12%p.a. What is the interest that should be charged to the partner of the amount was drawn (1) in the beginning of the month (2) in the middle of the month (3)at the end of the month.​

Answer 1

Given :

A partner makes drawings of Rs.2,000p.m. under the partnership deed. Interest is to be charged at 12%p.a

To find :

What is the interest that should be charged to the partner of the amount was drawn

(1) in the beginning of the month

(2) in the middle of the month

(3)at the end of the month.

Solution :

• As you know that

${ \boxed{\tt Average \: period = \dfrac{Months \: left \: after \: drawing + Months \: left \: after \: last \: drawing}{2}}}$

In the first case

Amount of drawing = Rs. 2000

Rate of interest = 12%

In the beginning of the month

→ Time = 12 + 1/2 = 6.5 months

• Interest on drawing

→ 2000 × 12/100 × 6.5/12

→ Rs.130

In the second case

In the middle of the month

→ Time = 11.5 + 0.5 = 6 months

• Interest on drawing

→ 2000 × 12/100 × 6/12

→ Rs. 120

In the third case

At the end of the month

→ Time = 11 + 0/2 = 5.5 months

• Interest on drawing

→ 2000 × 12/100 × 5.5/12

→ Rs. 110

Answer 2

Given :-

A partner makes drawings of Rs.2,000p.m. under the partnership deed. Interest is to be charged at 12%p.a.

To Find :-

The interest that should be charged to the partner of the amount was drawn (1) in the beginning of the month (2) in the middle of the month (3)at the end of the month.

Solution :-

(1)Time = 13/2 months

Interest = Amount × Interest × Time/100 × 12

Interest = (2000 × 12 × 13/2)/100 × 12

Interest = (2000 × 12 × 13/2)/100 × 12

Interest = (312000/2)/100 × 12

Interest = 156000/1200

Interest = 130

(2)Time = 6 month

Interest = Amount × Interest × Time/100 × 12

Interest = 2000 × 12 × 6/100 × 12

Interest = 2000 × 6/100

Interest = 20 × 6

Interest = 120

(3) Time = 11/2 month

Interest = Amount × Interest × Time/100 × 12

Interest = (2000 × 12 × 11/2)/1200

Interest = (2,64,000/2)/1200

Interest = 132000/1200

Interest = 110

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