Question

Calculate interest on drawing if X withdraws 8000 in the beginning of every month for 9 months. Rate of interest 10%p.a.

Answer 1

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interest on drawings of X= 578

$amount = 8000 \\ rate = 10\% \\ avg. \: period (in \: beginning \: of \: every \: month) = \frac{total \: months \: + 1}{2} \\ = \frac{12 + 1}{2} = 6.5 \\ interest \: on \: drawings \: = 8000 \times \frac{10}{100} \times \frac{6.5}{9} \\ = 577.77 = 578$

Answer 2

Answer:

Given below is the answer

Explanation:

Total Product = ₹8,000 * 9 months

                    = ₹72,000

Average period =

Time left after 1st drawings + Time left after last drawings / 2

12 months + 4 months / 2

16 months / 2

8 months

Interest on Drawings = Total product * 10/100 * Average Period/12

                               = ₹72,000 * 10/100 * 8/12

                               = ₹4,800

In the fields of finance and economics, interest is the payment made at a set rate by a borrower or deposit-taking financial institution to a lender or depositor in excess of the principal amount (the amount borrowed). It is not the same as a fee that the borrower might pay to the lender or another entity. It also differs from a dividend, which is money given to shareholders (owners) by a company from its profit or reserve, but not at a set rate predetermined in advance, but rather on a pro rata basis as a share of the reward received by risk-taking businesspeople when revenue is earned that exceeds all costs.

For instance, a client often pays interest when borrowing money from a bank, therefore they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower.

Interest differs from profit, in that interest is received by a lender, whereas profit is received by the owner of an asset, investment or enterprise. (Interest may be part or the whole of the profit on an investment, but the two concepts are distinct from each other from an accounting perspective.)

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