Question

MR. X withdraws rs. 2,000 per month for the whole year. Charge interest on drawing
@12%p.a. during the year.

Answer 1

Answer:

Given :-

• Mr.X withdraws Rs 2000 per month for the whole year.
• Change interest on drawings is 12% per annum during the year.

To Find :-

• What is the total interest on the drawing.

Formula Used :-

$\clubsuit$ Interest on Drawing :

$\longmapsto \sf\boxed{\bold{\pink{Interest\: On\: Drawing =\: Total\: Amount \times \dfrac{Rate\: Of\: Interest}{100} \times \dfrac{Period}{12}}}}$

Solution :-

First, we have to find the total amount :

$\implies \sf Total\: Amount =\: 2000 \times 12$

$\implies \sf\bold{\green{Total\: Amount =\: Rs\: 24000}}$

Hence, the total amount is Rs 24000.

Now, we have to find the total interest on the drawing :

Given :

• Total amount = Rs 24000
• Rate of Interest = 12% per annum
• Period = 6

According to the question by using the formula we get,

$\dashrightarrow \sf Interest\: on\: Drawing =\: 24000 \times \dfrac{12}{100} \times \dfrac{6}{12}$

$\dashrightarrow \sf Interest\: on\: Drawing =\: 24000 \times \dfrac{72}{1200}$

$\dashrightarrow \sf Interest\: on\: Drawing =\: 240{\cancel{00}} \times \dfrac{72}{12\cancel{00}}$

$\dashrightarrow \sf Interest\: on\: Drawing =\: 240 \times \dfrac{72}{12}$

$\dashrightarrow \sf Interest\: on\: Drawing =\: \dfrac{\cancel{17280}}{\cancel{12}}$

$\dashrightarrow \sf Interest\: on\: Drawing =\: \dfrac{\cancel{8640}}{\cancel{6}}$

$\dashrightarrow \sf Interest\: on\: Drawing =\: \dfrac{\cancel{4320}}{\cancel{3}}$

$\dashrightarrow \sf Interest\: on\: Drawing =\: \dfrac{1440}{1}$

$\dashrightarrow \sf\bold{\red{Interest\: on\: Drawing =\: Rs\: 1440}}$

$\therefore$ The Interest on drawing is Rs 1440.

Answer 2

Explanation:

The interest on drawing is 1440