Question

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

Answer 1

Given:

• A withdrew Rs 1,000 at the end of each month for the first six months.
• The rate of interest is 4% p.a.

To find: The interest on drawings.

Answer:

When a person withdraws an amount during six months, at the end of each month, the formula below is used to calculate the interest on drawings:

Interest on drawings = Total drawings × (Rate ÷ 100) × (2.5 ÷ 12)

We have,

• total drawings = Rs 1,000 × 6 [∵ it's for 6 months] = Rs 6,000
• rate = 4%

Substituting them in the formula,

Interest on drawings = Rs 6,000 × (4 ÷ 100) × (2.5 ÷ 12)

Interest on drawings = Rs 50

Therefore, the interest on drawings when A withdraws Rs 1,000 at the end of each month for 6 months at 4% p.a. is Rs 50.

Answer 2

Answer:

I hope it's helpful to you ☺️