Question

Mohan withdraw rs 20000 on 15 th day of every month . Intrest on drawing was to be charged at 12 percent p.a. Calculate intrest on mohan drawing

Answer 1

Answer:

answer is 2400

Explanation:

12/100×20000

=2400

Answer 2

Given:

• Mohan withdrew Rs 20,000 on the 15th of every month.
• The rate of interest was 12% p.a.

To find: The interest on drawings.

Answer:

If a person withdraws a fixed amount in the middle of every month, the formula below is to be used to calculate the interest on drawings:

Interest on drawings = Total drawings × (Rate ÷ 100) × (Number of months ÷ 12)

Since he withdrew the amount on the 15th of every month, it implies that he withdrew them in the middle of every month.

We have,

• total drawings = Rs 20,000 × 12 = Rs 2,40,000
• rate = 12%

Using them in the formula,

Interest on drawings = Rs 2,40,000 × (12 ÷ 100) × (6 ÷12)

Interest on drawings = Rs 14,400

Therefore, the interest on drawings for Mohan if he withdraws Rs 20,000 on the 15th of every month at the rate of 12% is Rs 14,400.