Accountancy, asked by dishagrover2237, 6 months ago

Formula for simple product method

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Answered by Anonymous

20

Explanation:

Product method

Under product method, interest is calculated on the total of the products, that is, the product of amount of drawings and the period for which the amount remained withdrawn. If the product is calculated in terms of months, then interest is calculated on the total of products at the rate per month.

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