Question

how would you calculate the interest on drawing of equal amount drawn on the last day of every month ​

Answer 1

if amount drawn for 12 month regularly then..

amount of drawing ×12 = amount drawn

amount drawn ×rate/100×T/12

(here T means average time...that would be 5.5 months)

half of total months+half of time gap

for e.g.. 2000p.m drawn at end of every month and rate is 6%.

solution : (2000×12) 24,000×6/100×5.5/12

Answer 2

Explanation:

5 whole 1/2

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