Calculate interest on drawing of Vimal if the withdrew Rs. 48000 Quarter withdrawn evenly (i) at beginning of each Quarter (ii) in the middle of each of at end (iii) Quarter. Rate of interest is 10% p.a.
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Explanation:
Interest on drawings at beginning of each quarter = 48,000 * 10/100 * 7.5/12
= 3,000
Interest on drawings in the middle of each quarter
= 48,000 * 10/100 * 6/12
= 2,400
Interest on drawings at end of each quarter
= 48,000 * 10/100 * 4.5/12
= 1800
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