Question

calculate the interest on Ram's drawing @10% if he withdrawn Rs 24000 during the year​

Answer 1

Answer:

2400

Explanation:

Interest on drawings = Amount of drawings × Rate of Interest ÷ 100

Interest on drawings = 24000 × 10/ 100

= 2400 .

Answer 2

Answer:

Given :

• Amount - 24,000

• Interest Rate of Drawing - 10%

To Find :

• Interest On Drawings

Here, withdrawn period is not given. So, we can find like this ;

Interest On Drawings = Amount × interest rate / 100

Solution :

= 24,000 × 10 / 100

= 2,40,000 / 100

= 2400

Interest On Drawings of Ram = 2400

When Drawings done by different time periods : ( calculations )

1 ) When the amount is withdrawn at the beginning of each month :

• Average Period = Total period in months + 1 / 2

= 12 + 1 / 2

= 13 / 2

= 6.5 months

• Interest On Drawings = Amount × rate / 100 × 6.5 / 12

2 ) When the amount is withdrawn at the end of each month :

• Average Period = Total Period in months - 1 / 2

= 12 - 1 / 2

= 11 / 2

= 5.5 months

• Interest On Drawings = Amount × rate / 100 × 5.5 / 12

3 ) When the amount is withdrawn in the middle of the month :

• Average Period = Total Period in months / 2

= 12 / 2

= 6 months

• Interest On Drawings = Amount × rate / 100 × 6 / 12

Note : ' / ' is division