Question

Calculate intrest on drauing s of Mr x at 10 p a if he withdraw 2000 per month by average period method 1) at the beginning of each month 2) at the end of each month

Answer 1

Answer:

Answer is in the above attachment.

Explanation:

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Answer 2

Explanation:

Correct Question :

Calculate intrest on drawings of Mr x at 10 p.a. if he withdraw 2000 per month by average period method:

1) at the beginning of each month

2) at the end of each month

Solution :

1) At the beginning of each month :

Annual drawing = 2,000 × 12 = 24,000

Interest on drawing = annual drawing × rate × average period/12

= 24,000 × 10/100 × 6.5/12

= 1,300

Interest on drawing = Rs. 1,300

2) At the end of each month :

Annual drawing = 2,000 × 12 = 24,000

Interest on drawing = annual drawing × rate × average period/12

= 24,000 × 10/100 × 5.5/12

= 1,100

Interest on drawing = Rs. 1,100