Question

Karan withdrew ₹10,000 per month in the beginning of each month. Calculate Interest on Drawings, if the rate of Interest is 10%p.a.​

Answer 1

Explanation:

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Answer 2

Explanation:

Total drawings= 7500 * 4

                        =30000

Rate= 10%

Case 1: If he withdrew 7500 in the beginning of each quarter- 

Note: When equal amount of drawings is withdrawn at the beginning of each quarter, interest is calculated for a period of 7.5 months.

Hence,

Interest on drawings= 30000 * 10/100 * 7.5/12

                                  = 1875

Case 2: If he withdrew 7500 at the end of each quarter-

Note: When equal amount of drawings is withdrawn at the end of each quarter, interest is calculated for a period of 4.5 months.

Hence,

Interest on drawings= 30000 * 10/100 * 4.5/12

                                  = 1125

Case 3: If he withdrew 7500 during the middle of each quarter-

Note: When equal amount of drawings is withdrawn during the middle of each quarter, interest is calculated for a period of 6 months. 

Hence,

Interest on drawings= 30000 * 6/12 * 10/100

                                  = 1500