Question

If fixed amount is withdraw on the last day of every month and interest on drawing

charged is 10% p.a. Interest on drawing amounted to Rs 2,750 what will be drawing

amount.​

Answer 1

Answer:

If a fixed amount is withdrawn on last day of every month of the calendar year, the interest on the total amount of drawings will be calculated for 5.5 months. Average period will be calculated as:-

= Months left after first drawing + months left after last drawing  

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                                                       2

= 11 + 0

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       2

= 5.5 months.

Answer 2

Explanation:

If fixed amount is withdrawn on the last day of every month and interest on drawings charged @10% p.a. amounts to 2,750, the drawings amount will be ₹ per month