Question

Calculate interest on drawing of mr. X @ 10% p.a for the year ended 31st March 2021 in each following cases :- (a) if he withdraw ₹ 30000 in the beginning of each quarter (b) if he withdraw ₹ 30000 at the end of each quarter (c) if he withdraw ₹ 30000 in the middle of each quarter

Answer 1

a) given: x withdrew 30000 at the beginning of each quarter

total drawings:30000

average time period:12+3/2=7.5

interest on drawings= 30000x10/100x7.5/12

=300x10x75/120

=300x75/12

=1875

b)given: x withdrew 30000 at the end of each quarter

total drawings=30000

average time period=12-3/2=4.5

interest on drawings=30000x10/100x4.5/12

=300x10x45/120

=300x45/12

=1125

c)given: x withdrew 30000 at the end of each quarter

total drawings=30000

average time period=12+1$\frac{1}{2}$-1$\frac{1}{2}$/2=6

interest on drawings=30000x10/100x6/12

=300x10x1/2

=300x5

=1500