Mr.mohan withdraws rupees 2000per month at the middle of every month for the year ended December 31 ,2019.interest In calculated at 10%per annum
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Answer:
: 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Note: When equal amount of drawings is withdrawn during the middle of each quarter, interest is calculated for a period of 6 months.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
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