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A draws Rs. 1000 per month on the last day of every month. If the rate of interest is 5% k.p.a. then the total interest
chargeable from him to accounting year ending on 31-12-1985 will be
- a)Rs. 325
- b)Rs. 275
- c)Rs. 300
- d)Rs. 350
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
A draws Rs. 1000 per month on the last day of every month. If the rate...
There is a formula for calculating interest on drawings at the end of every month.
amount*12*rate*11/24
1000*12*(5/100)*(11/24)
= Rs. 275
amount*12*rate*11/24
1000*12*(5/100)*(11/24)
= Rs. 275
Most Upvoted Answer
A draws Rs. 1000 per month on the last day of every month. If the rate...
Given:
Monthly withdrawal = Rs. 1000
Rate of interest = 5% p.a.
To find:
Total interest chargeable till 31-12-1985
Solution:
Let's first calculate the interest for one month i.e. November 1985.
Withdrawal for November 1985 = Rs. 1000
Interest for November 1985 = (5/12)% * 1000 = Rs. 41.67
Similarly, the interest for December 1985 can be calculated as follows:
Withdrawal for December 1985 = Rs. 1000
Interest for December 1985 = (1/12)% * 1000 = Rs. 8.33
Therefore, the total interest chargeable till 31-12-1985 will be the sum of interest for November and December 1985.
Total interest = Rs. 41.67 + Rs. 8.33 = Rs. 50
Hence, option B, i.e. Rs. 275 is incorrect. The correct answer is Rs. 50.
Monthly withdrawal = Rs. 1000
Rate of interest = 5% p.a.
To find:
Total interest chargeable till 31-12-1985
Solution:
Let's first calculate the interest for one month i.e. November 1985.
Withdrawal for November 1985 = Rs. 1000
Interest for November 1985 = (5/12)% * 1000 = Rs. 41.67
Similarly, the interest for December 1985 can be calculated as follows:
Withdrawal for December 1985 = Rs. 1000
Interest for December 1985 = (1/12)% * 1000 = Rs. 8.33
Therefore, the total interest chargeable till 31-12-1985 will be the sum of interest for November and December 1985.
Total interest = Rs. 41.67 + Rs. 8.33 = Rs. 50
Hence, option B, i.e. Rs. 275 is incorrect. The correct answer is Rs. 50.
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Community Answer
A draws Rs. 1000 per month on the last day of every month. If the rate...
12000×5÷100×5.5÷12=275
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A draws Rs. 1000 per month on the last day of every month. If the rate of interest is 5% k.p.a. then the total interestchargeable from him to accounting year ending on 31-12-1985 will bea)Rs. 325b)Rs. 275c)Rs. 300d)Rs. 350Correct answer is option 'B'. Can you explain this answer?
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ample number of questions to practice A draws Rs. 1000 per month on the last day of every month. If the rate of interest is 5% k.p.a. then the total interestchargeable from him to accounting year ending on 31-12-1985 will bea)Rs. 325b)Rs. 275c)Rs. 300d)Rs. 350Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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