Mr. A is a partner in a firm. He draws Rs 9000 from the firm in the middle of every month. Interest on drawing is to be charged at 10% p.a Calculate interest on drawing for the year ending 2020.
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Answer:
amount = Rs 9000
Interest per annum = 9000 ×1 ×10/100
= 900 Rs
total amount at end of year = 9000 +900 = 9900 Rs
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