Question

A withdraw rs 2400 per month on first day of every month drawing 2019 if interest on drawings is charges 8% per annum find out interest on drawings

Answer 1

Given: A withdraws Rs 2,400 at the beginning of every month; the interest on drawings is 8% p.a.

To find: The interest on drawings.

Answer:

When drawings are withdrawn at the beginning of every month, the formula to calculate the interest on drawings is as follows:

$\sf Interest\ on\ drawings\ =\ \dfrac{Total\ drawings\ \times\ \Rate\ of\ Interest}{100}\ \times\ \dfrac{6\frac{1}{2}}{12}$

As per the question, we have:

• total drawings = Rs 2,400 × 12 = Rs 28,800
• rate of interest = 8%

Substituting them in the formula,

$\sf Interest\ on\ drawings\ =\ \dfrac{28,800\ \times\ 8}{100}\ \times\ \dfrac{6.5}{12}\\\\\\Interest\ on\ drawings\ =\ 2304\ \times\ \dfrac{6.5}{12}\\\\\\Interest\ on\ drawings\ =\ Rs\ 1,248$

Therefore, the interest on drawings is Rs 1,248.

Answer 2

Given :- A withdraw rs 2400 per month on first day of every month drawing 2019 if interest on drawings is charges 8% per annum find out interest on drawings ?

Solution :-

→ A withdraw per month = Rs.2400

→ A withdraw in 12 months(1 year) = 2400 * 12 = Rs.28,800

now,

→ Total drawings = Rs.28800

→ Rate od interest = 8% per annum .

we know that, when we withdraw first day of every month

• Interest on drawing = (Total drawings * Rate * 6.5)/(100 * 12) { since he withdrawn at the begining of each month, (12 + 1)/2 = 6.5 .}

then,

→ Interest = (28800 * 8 * 6.5)/(100 * 12)

→ Interest = (288 * 52)/12

→ Interest = Rs.1248 (Ans.)

Hence, Total interest on drawings will be Rs.1248 .

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