Question

If fixed amount is withdrawn on the last day of every month and interest on drawings charged @10% p.a. amounts to Rs 2,750, the drawings amount will be ……….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

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If a fixed amount is withdrawn on last day of every month of the calendar year, the interest on the total amount of drawings will be calculated for 5.5 months.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