Question

Shivam a partner withdraws 900 per month on the last day of every month Calculate his inter on drawing if rate of interest being 10% pa​

Answer 1

Answer:

5.5 months

Explanation:

If a fixed amount is withdrawn on last day of every month of the calendar year, the interest on the total amount of drawings will be calculated for 5.5 months. Average period will be calculated as:-

= Months left after first drawing + months left after last drawing 

 ------------------------------------------------------------------------------------------

                                                        2

= 11 + 0

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        2

= 5.5 months.

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Answer 2

Explanation:

• Shivam withdrew Rs. 900 at the end of the every month.

annual drawing = 12 × 900 = 10,800

annual drawing = 10,800

average period = 5.5

Rate = ,10%

Interest on drawing = annual drawing × rate × average period /12

= 10,800 × (10/100) × (5.5/12)

= 495

Interest on drawing = Rs 495

Hence, Interest on drawing = Rs 495.