Question

partner X, with draw Rs 3000 per month during 2019. Interest on
drawings is changed @ 96% per annum.
Find out interest if drawings
were made on the 1st day of every month​

Answer 1

Answer:

pls send again the rate of interest on drawing as it is not correct mention in the question

but I tell u the formula

interest on drawing =

amount× rate × average period

36000× rate × 6.5/12

Explanation:

annual drawing = 3000 ×12 = 36000

Answer 2

Answer:

Formula =

Total drawings * rate of int. * 6.5/12 (since withdrawal is in the beginning )

so,

36,000* 96%*6.5/12

= 34,560* 6.5/12

=18,720.

But if int. is 9.6%

it will be

= 36,000*9.6%*6.5/12

=3456*6.5/12

=1,872

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