Question

A withdrew ₹1000 at the end of the month for the first six months. calculate interest on drawing @ 4%.

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

∴Intrest on drawings = 110

Explanation:

Given:-

• A withdrew ₹1000
• at the end of the month for the first six months.
• interest on drawing @ 4%.

To Find:-

• Intrest on drawings

Solution:-

Total amount withdrawn = 1,000 × 6 = 6,000

Drawings are made at the end of 6 months

So,average period = 5.5

→Intrest on drawings = Total amount × rate × (average period)/12

⇒ 6,000 × 4% × (5.5)/12

⇒110

∴Intrest on drawings = 110