Question

Sushil is a partner in a firm. He withdrew ₹4,000 per month in the middle of every

month during the year ended 31st March, 2019. If interest on drawings is charged @

8% p.a. the interest charged will be :
​

Answer 1

Answer:

Annual drawing 4000×12=48000

Interest on drawing = 48000×8/100×6/12= 1920

Answer 2

The interest on withdrawing when Sushil withdraws Rs 4,000 in the middle of every month at the rate of 8% p.a. is Rs 1,920.

Explanation:

Given:

Sushil withdraws $4000$ per month in the middle of every month.

Total drawings = $4000 \times 12$

                         = $48000$

Interest rate = $8\%$

We have to find interest in withdrawing.

If Sushil withdraws a fixed amount in the middle of every month, the interest on withdrawing is calculated as follows:

Interest in withdrawing = $\frac{Total drawings \times Interest rate}{100} \times time$

Interest in withdrawing = $\frac{48000 \times 8}{100} \times \frac{6}{12}$

Interest in withdrawing = $40 \times 8 \times 6$

Interest in withdrawing = $1920$

Hence, the interest on withdrawing when Sushil withdraws Rs 4,000 in the middle of every month at the rate of 8% p.a. is Rs 1,920.

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