CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Calculate interest on drawings of Mr. Siddhant @ 10% p.a. for the year ended 31st March, 2018 in each of the following alternative cases:
Case 1. If he withdrew Rs.6,000 in the beginning of each quarter.
Case 2. If he withdrew Rs.6,000 at the end of each quarter:
Case 3. If he withdrew Rs.9,000 in the middle of each quarter.

Open in App
Solution

Total Drawings in Cases 1 and 2 =Rs.6,000×4=Rs.24,000;
Total Drawings in Case 3 =Rs.9,000×4=Rs.36,000.
Case 1Case 2Case 3
Average Period=(12+3)Months2=7.5Months=(9+0)Months2=4.5Months=(10.5+1.5)Months2=4.5Months
Interest on Drawings=Rs.24,000×7.512×10100
=Rs.1,500
=Rs.24,000×4.512×10100
=Rs.900
=Rs.36,000×612×10100
=Rs.1,800

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Deducing a Formula for Compound Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon