Calculate the interest on drawings of Vimal if he withdrew RS.48000 quarter withdrawn evenly.1.at the beginning of each quarter.2.in the middle of each quarter.3.at the end of each quarter. Rate of interest is 10 percent per annum.
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Answer:
Formula of Interest on Drawing = Total Drawings×rate/100×average period/100
Case 1) At the beginning of each quarter
192000×10/100×6.5/12
=10400
Case 2) At the middle of the quarter
192000×10/100×6/12
=9600
Case 3) At the end of the quarter
192000×10/100×4.5/12
=7200
Hope it helps you
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