Question

Q1. Partner, Q drew fixed amount at the end of each month during 2019. If interest on

drawing at 8% p.a. amounts to Rs.2,200, his monthly drawing was:
(a) Rs.5,500 (b)Rs.5,000 (c)Rs. 6,000 (d) None of these.​

Answer 1

Answer:

Let assume annual drawing be X

Interst on drawings = annual drawing *average period *rate of interest

2200 = X ×5.5/12× 8/100

2200×12×100/5.5×8 =X

X= 60000

annual drawing = 60000

so monthly drawing = 60000/12= 5000