Question

calculate interest on drawings of Ganesh @ 9% per annum for the year ended on 31st March 2016 if he withdraws rupees 4000 per month in the beginning of every month​

Answer 1

Given:- Rate of interest = 9%, withdraw rupees =4000 per month the beginning of every month.

To find:- Calculate interest on drawings of Ganesh.

Solution:-

Total drawings= 4000*4= 16000

When equal amount of drawings is withdrawn at the beginning of each month then, interest is calculated for a period of 4.0 months.

Interest on drawings = 4000 * 9/100 * 4/12 = 120

Hence, interest on drawings is 120.(Ans)

Answer 2

Given:

Ganesh withdraws Rs. 4,000 per month at the beginning of every month for the year ending on 31st March 2016

Interest on drawings is charged @ 9% p.a.

To find:

The interest charged on the drawings will be  

Solution:

The rate of interest per annum = 9 %

The amount withdrawn by Ganesh per month was = Rs. 4000

No. of drawings = 12

∴ The total amount withdrawn by Ganesh at the end of the year was,

= Rs. 4000 × 12

= Rs. 48000

Since the amount is withdrawn at the beginning of every month for 12 months ending on 31st March 2016, so we can calculate the average period of drawings as:

Average Period is,

=   $\frac{[Time\:left\:after\:1st\:drawimg] \:+\:[Time\:left\:after\:last\:drawing]}{2}$

=   $\frac{12\;+\:1}{2}$

=   $\frac{13}{2}$

=   $6.5\:months$

Now, we will use the following formula to find the interest: $\boxed{\bold{Interest\:on\:drawings = [Total\:amount\:of\:drawings]\times[\frac{Rate}{100}] \times [\frac{Average\:Period}{12} }]}}$

By substituting the values of total amount = Rs. 48000, rate = 9% & average period = 6.5 months, in the above formula of interest, we get

$Interest\:on\:drawings = [48000]\times[\frac{9}{100}] \times [\frac{6.5}{12} ] = 40\times 9\times 6.5 = \bold{Rs. \:2340}$

Thus, the interest charged on drawings of Ganesh is Rs. 2340.

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