Question

calculate interest on drawings @ 12% p.a. for Gambhir if he withdrew 7 2,000 once at the beginning of each month:

Answer 1

Answer:

720

Explanation:

72000÷12=6000.

6000×12%=720

Answer 2

Given: Gambhir withdrew 72,000 in the beginning of each month

To find: Interest on Drawings

Explanation:

Interest on drawings = Total Drawings x $\frac{Rate}{100}$ x $\frac{Average months}{12}$

⇒ At the beginning of each month = Total Drawings x $\frac{Rate}{100}$ x $\frac{6\frac{1}{2} }{12}$

                                                           = 72000 × $\frac{12}{100}$ × $\frac{6\frac{1}{2} }{12}$

                                                           = 4,680