A withdrew regularly ₹600 in the middle of every month for 10 months December 2018 calculate interest on drawing 15% p.a
Answers
Answer:
It is only a mathematical calculation:-
Explanation:
Debit Balance as on 01.01 00.00
As per monthly calculations
15.01 600.0
15.02 1,200.00
15.03 1,800.00
15.04 2,400.00
15.05 3,000.00
15.06 3,600.00
15.07 4,200.00
15.08 4,800.00
15.09 5,400.00
15.10 6,000.00
Sum of product 33,000.00
Interest is 33000*15%/12=412.50.00
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As per daily calculations No of days product
Balance as on 01.01 00.00 0 0
15.01 600.0 31 18600
15.02 1,200.00 28 33600
15.03 1,800.00 31 55800
15.04 2,400.00 30 72000
15.05 3,000.00 31 93000
15.06 3,600.00 30 108000
15.07 4,200.00 31 130200
15.08 4,800.00 31 148800
15.09 5,400.00 30 162000
15.10 6,000.00 17 102000
Total product 924000
interest= 924000*15%/365=379.72
Interest is calculatable on monthly basis until or unless specifically written to charge interest on daily product, therefore, calculations as per 1 is advisable.