If a fixed amount is withdrawn on the first day of every month, the interest on the total amount of drawings shall be calculated for .

5.5 months

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6 months

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6.5 months

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7 months

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Solution

The correct option is C 6.5 months
If fixed amount is withdrawn on the first day of every month, the interest on the total amount of drawings shall be calculated for 6.5 months i.e. (Time left after the first drawing + Time left after the last drawing, the whole divided by 2) i.e. (12 + 1) /2 i.e 13/2 i.e. 6.5

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