If fixed amount is withdrawn on the first day of every month, the interest on the total amount of drawings shall be calculated for: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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6.5 months

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6 months

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None of the above

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Solution

The correct option is B
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If fixed amount is withdrawn on the first day of every month, the interest on the total amount of drawings shall be calculated for 6.5 months.

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If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated ?

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