intrest on drawing is to be charged @6% p.a. the drawings of A and B for the year were rs. 3,000 and rs. 1,000 respectively. Calculate the intrest on drawing
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Answer:
The answer is 350..
Explanation:
Calculation of interest on drawings:
Number of drawings = 6
Amount of each drawing= 4000
Total drawings= 6×4000
= 24000
Number of months= [Time left after 1st drawing + Time left after last drawing]/2
= [6+1]/2
= 3.5 months
Hence,
Interest on drawings= 24000 × 5/100 × 3.5/12
= 350
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