Question

How would you calculate interest on drawing of the equals amount drawn on the last date on every month​

Answer 1

Answer:

Case I: Drawing made on begnning of each quarter interest on drawing = Amount x Rate/100 x 7.5/12 = 48,000 x 10/100 x 7.5/12 = Rs.3,000

Case II: Drawing made in middle of each quarter interest on drawing = Amount x Rate/100 x 6/12 = 48,000 x 10/100 x 6/12 = Rs.2,400

Case III Drawings made at end of each quarter interest on drawing = Amount x Rate/100 x 4.5/12 = 48,000x10/100 x 4.5/12 = Rs.1800

Explanation:

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Answer 2

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$\huge\bf{Question:-}$

How would you calculate interest on drawings of equal amounts drawn on the Last day of every month?

$\huge\bf{Solution:-}$

When a partners draws a fixed amount at the beginning of each month, interest on total drawing would be on the amount withdraw for 6.5 months at the agreed rate of interest per annum. Apply the following formula.

Interest on drawing = total drawing

$\frac{Rate \: \times 6.5}{100 \times 12}$

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