Question

fixed amount is withdraw on first day of every month for what period the interest on drawing calculated
GIVE FORMULA

Answer 1

Answer:

Interest on drawings = Total Drawings x $\frac{Rate}{100}$x$\frac{month}{12}$

[ here month means if you withdraw on january then (12-1)=11 months,you have to write $\frac{11}{12}$ then on february  this will be show 10 months]