Question

Dev withdrew ` 10,000 on 15th day of every month. Interest on drawings was to be charged @ 12% per annum. Calculate interest on Dev’s Drawings.

Answer 1

Answer:

Principal - ₹10,000

Rate of interest - 12%

Time - 15th day

Simple interest = principal × rate of interest × time

__________________________

100

= 10,000 × 12 × 15 = 18,00,000

_____________ _______

100 100

Answer = 18,000

Explanation:

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Answer 2

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interest on drawings=600

$amount = 10000 \\ rate = 12\% \\ avg. \: period (in \: Middle \: of \: month) \: = \frac{total \: months}{2} \: \\ = \frac{12}{2} = 6 \\ interest \: on \: drawings \: = 10000 \times \frac{12}{100} \times \frac{6}{12} \\ \: \: \: \: \: \: \: = 600$

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