Question

Calculate the interest on drawing of Mr. Vishal Bhardwaj @ 10% per annum if he withdrew Rs. 5,000 at the middle of every month for 6 months.

Answer 1

Answer:

intrest on drawing is amounting to ₹1500

Answer 2

Calculate the interest on drawings

Given:

rate of interest on drawings = 10% p.a.

every middle of month withdrawal amount = 5,000

to find:

total withdrawal amount = 5000 × 6 = 30,000

interest for 6 months on every middle month of drawing =10% of 30,000 × 3/6

= 1500

solution:

interest on drawings of Mr Vishal on every middle month of fixed drawing for 6 months is 1500 rupees.