Question

instrest on drwaing lumsum formula​

Answer 1

Answer:

Simple Interest Method: Date of Amount of Months till Interest @ 12% p.a. Withdrawal Drawings (`) March 31, 2011 (`) 01.08. 2010 5,000 08 400, 31.12. 2010 10,000 03 300, 31.03. ... Interest on Drawing = Total Product x Rate/100xTime/12 (in months) = 70,000x12/100x1/12 = 700.