Question

Calculate interest on drawings of Mr. X @ 10%
p.a. if he withdrew
Rs. 30,000 in the beginning of each
quarter
​

Answer 1

Given :

Amount of Drawings = 30,000

Interest Rate = 10%

To Find :

Interest On Drawings

Formula To Find :

${\underline{\boxed{\rm{Interest \: on \: Drawings \: = Amount \times \frac{Rate}{100} \times \frac{Avg. \: Period}{12} }}}}$

Solution :

Interset On Drawings Of Mr. X :

i ) In beginning of each month

$\sf\to \: Avg. \: Period \: = \frac{Total \: Period \: in \: Months + 1}{12}$

$\to\sf \: \frac{12 + 1}{12} = 6 \frac{1}{2} months$

$\sf\to \: 6 \frac{1}{2} = 6.5 \: months$

Interest :

$\leadsto \sf \: 30000 \times \frac{10}{100} \times \frac{6.5}{12}$

$\leadsto \sf \: \frac{300000}{100} \times \frac{6.5}{12}$

$\leadsto \sf \: 3000 \times 0.54$

$\leadsto \sf \: 1620$

$\therefore \sf \: Interest \: On \: Drawings \: of \: Mr \: X = 1620$

Answer 2

Answer:

$\huge\underline{\mathbb\red{☞︎︎︎A}\green{N}\mathbb\blue{S}\purple{W}\mathbb\orange{E}\pink{R}}\:$

Explanation:

1620