Question

Mr. X withdraws Rs. 300 p.m. at the
beginning of each month and Mr. Y
withdraws Rs.600 p.m. at the end
of each month. Rate of interest on
drawing is 10% p.a. The interest on
drawing is:​

Answer 1

The interest on drawing is

Mr. X = Rs. 195

Mr. Y = Rs. 330

Explanation:

Given :

• Mr. X withdraws Rs. 300 p.m.
• At the beginning of each month
• Mr. Y withdraws Rs.600 p.m.
• At the end of each month
• Rate of interest ondrawing is 10% p.a.

To find :

• The interest on drawing

Solution :

★ Total amount withdrawn = 300 × 12 = Rs. 3,600

If drawings are made at the beginning of every month:

Average period = 6.5

Interest on drawings =

$\sf{Total \: amount \: of \: drawings \: \times \: \dfrac{ Rate \: of \: interest}{100} \: \times \: \dfrac{Average \:period}{12}}$

$\sf{\longrightarrow{3600 \times \dfrac{10}{100} \times \dfrac{6.5}{12}}}$

$\longrightarrow$ 195

Interest on drawings (Mr. X) = Rs 195

____________________________

★ Total amount withdrawn = 600 × 12 = Rs. 7,200

If drawings are made at the end of every month:

Average period = 5.5

Interest on drawings =

$\sf{Total \: amount \: of \: drawings \: \times \: \dfrac{ Rate \: of \: interest}{100} \: \times \: \dfrac{Average \:period}{12}}$

$\sf{\longrightarrow{7200 \times \dfrac{10}{100} \times \dfrac{5.5}{12}}}$

$\longrightarrow$ 330

Interest on drawings (Mr. Y) = Rs. 330

Therefore,

The interest on drawing is

Mr. X = Rs. 195

Mr. Y = Rs. 330

Answer 2

Given :

Mr. X withdraws ₹ 300 ( at beginning of each month )

Mr. Y Withdraws ₹600 ( at the end of each month )

Interest Rate = 10%

To Find :

Interest On Drawings

${\underline{\sf{Interest \: On \: Drawings \: = Total \: Amount \: \times \frac{Rate}{100} \times \frac{Average \: Period}{12} }}}$

• At beginning of each month :

${\sf{\underline{Average \: Period \: = \frac{Total \: Months + 1}{2} =6.5 }}}$

• At the end of each month :

${\sf{\underline{Average \: Period \: = \frac{Total \: Months - 1}{2} =5.5 }}}$

Solution :

Interest On Drawings Of Mr. X -

Total Amount W/d = 300 × 12 = 3,600

$\sf\to \: 3600 \times \frac{10}{100} \times \frac{6.5}{12}$

$\sf\to \: 195$

Interest On Drawings Of Mr. Y -

Total Amount W/d = 600 × 12 = 7,200

$\sf\to \: 7200 \times \frac{10}{100} \times \frac{5.5}{12}$

$\sf\to \: 330$

$\therefore \sf Interest \: On \: Drawings \: of \: Mr. \: X \: = 195$

$\sf \: and \: Interest \: On \: Drawings \: of \: Mr. \: Y \: = 330$