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.
Rs. 2,500p.m.
Rs. 10,000p.m.
Rs. 7,500p.m.
Rs. 5,000 p.m.​

Answer 1

Answer:

Option (Rs. 5,000 p.m.)

Explanation:

Solution :

Rate of interest = 10% p.a.

Interest on drawing = Rs. 2,750

Amount of drawing (p.m.) = ??

Let,

Annual drawing = x

• If fixed amount is withdraw on the last day of every month :

Average period = 5.5

★ Interest on drawings =

$\sf{\longrightarrow{Annual \: drawing \: \times \: \dfrac{Rate \: of \: interest}{100} \: \times \: \dfrac{Average \: period}{12}}}$

$\sf{\longrightarrow\: 2,750\:= \:{x \: \times \: \dfrac{10}{100} \: \times \: \dfrac{5.5}{12}}}$

$\sf{\longrightarrow\: x\:= \:{ \dfrac{2,750\: \times \:100 \: \times \: 12}{10 \: \times \: 5.5}}}$

$\longrightarrow$ x = 60,000

Annual drawing = Rs. 60,000

• Monthly drawing = 60,000/12

$\longrightarrow$5,000

Therefore, Option Rs. 5,000 p.m.

Drawing amount will be 5,000 p.m.