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Calculate interest on drawings @ 10% per annum in the following case: x withdraw rupees 1000 in the beginning of every month only for first 4 months after he got married and his responsibilities was more so now he to withdraw 3000 per month 5th month onwards in the beginning of every month?
Most Upvoted Answer
Calculate interest on drawings @ 10% per annum in the following case: ...
Calculation of Interest on Drawings:
Given:
- Interest rate = 10% per annum
- Initial withdrawal = Rs. 1000 per month for first 4 months
- Subsequent withdrawal = Rs. 3000 per month from 5th month onwards
Step 1: Calculate interest on initial withdrawal for first 4 months
- Total withdrawal for first 4 months = Rs. 1000 x 4 = Rs. 4000
- Interest for first month = Rs. 4000 x 10/12 x 1/100 = Rs. 33.33
- Interest for second month = Rs. 3000 x 10/12 x 1/100 = Rs. 25
- Interest for third month = Rs. 3000 x 10/12 x 1/100 = Rs. 25
- Interest for fourth month = Rs. 3000 x 10/12 x 1/100 = Rs. 25
- Total interest for initial withdrawal = Rs. 108.33
Step 2: Calculate interest on subsequent withdrawal from 5th month onwards
- Total withdrawal from 5th month onwards = Rs. 3000 x (12-4) = Rs. 24,000
- Total interest for subsequent withdrawal = Rs. 24,000 x 10/12 x 1/100 = Rs. 200
Step 3: Calculate total interest for entire period
- Total interest = Rs. 108.33 + Rs. 200 = Rs. 308.33
Explanation:
- Interest on drawings is calculated based on the amount withdrawn and the time period for which it is withdrawn.
- In this case, x withdrew Rs. 1000 per month for first 4 months and Rs. 3000 per month from 5th month onwards.
- Interest on initial withdrawal for first 4 months is calculated separately as the amount withdrawn is different.
- Subsequent withdrawal from 5th month onwards is calculated for the entire period from 5th month till end of the year.
- Total interest for entire period is the sum of interest on initial withdrawal and subsequent withdrawal.
Given:
- Interest rate = 10% per annum
- Initial withdrawal = Rs. 1000 per month for first 4 months
- Subsequent withdrawal = Rs. 3000 per month from 5th month onwards
Step 1: Calculate interest on initial withdrawal for first 4 months
- Total withdrawal for first 4 months = Rs. 1000 x 4 = Rs. 4000
- Interest for first month = Rs. 4000 x 10/12 x 1/100 = Rs. 33.33
- Interest for second month = Rs. 3000 x 10/12 x 1/100 = Rs. 25
- Interest for third month = Rs. 3000 x 10/12 x 1/100 = Rs. 25
- Interest for fourth month = Rs. 3000 x 10/12 x 1/100 = Rs. 25
- Total interest for initial withdrawal = Rs. 108.33
Step 2: Calculate interest on subsequent withdrawal from 5th month onwards
- Total withdrawal from 5th month onwards = Rs. 3000 x (12-4) = Rs. 24,000
- Total interest for subsequent withdrawal = Rs. 24,000 x 10/12 x 1/100 = Rs. 200
Step 3: Calculate total interest for entire period
- Total interest = Rs. 108.33 + Rs. 200 = Rs. 308.33
Explanation:
- Interest on drawings is calculated based on the amount withdrawn and the time period for which it is withdrawn.
- In this case, x withdrew Rs. 1000 per month for first 4 months and Rs. 3000 per month from 5th month onwards.
- Interest on initial withdrawal for first 4 months is calculated separately as the amount withdrawn is different.
- Subsequent withdrawal from 5th month onwards is calculated for the entire period from 5th month till end of the year.
- Total interest for entire period is the sum of interest on initial withdrawal and subsequent withdrawal.
Community Answer
Calculate interest on drawings @ 10% per annum in the following case: ...
1000 every month only first 4 month
= 1000*4 = 4000
formula use begining of the every month
12+1/2 = 6.5
= 4000*10/100*6.5/12
=217
so now he to withdraw 3000 per month 5 month onwards in the beginning
formula use begining of the every month
12+1/2
=6.5m
=15000*10/100*6.5/12
= 813
= 1000*4 = 4000
formula use begining of the every month
12+1/2 = 6.5
= 4000*10/100*6.5/12
=217
so now he to withdraw 3000 per month 5 month onwards in the beginning
formula use begining of the every month
12+1/2
=6.5m
=15000*10/100*6.5/12
= 813
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Calculate interest on drawings @ 10% per annum in the following case: x withdraw rupees 1000 in the beginning of every month only for first 4 months after he got married and his responsibilities was more so now he to withdraw 3000 per month 5th month onwards in the beginning of every month?
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Calculate interest on drawings @ 10% per annum in the following case: x withdraw rupees 1000 in the beginning of every month only for first 4 months after he got married and his responsibilities was more so now he to withdraw 3000 per month 5th month onwards in the beginning of every month? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Calculate interest on drawings @ 10% per annum in the following case: x withdraw rupees 1000 in the beginning of every month only for first 4 months after he got married and his responsibilities was more so now he to withdraw 3000 per month 5th month onwards in the beginning of every month? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate interest on drawings @ 10% per annum in the following case: x withdraw rupees 1000 in the beginning of every month only for first 4 months after he got married and his responsibilities was more so now he to withdraw 3000 per month 5th month onwards in the beginning of every month?.
Calculate interest on drawings @ 10% per annum in the following case: x withdraw rupees 1000 in the beginning of every month only for first 4 months after he got married and his responsibilities was more so now he to withdraw 3000 per month 5th month onwards in the beginning of every month? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Calculate interest on drawings @ 10% per annum in the following case: x withdraw rupees 1000 in the beginning of every month only for first 4 months after he got married and his responsibilities was more so now he to withdraw 3000 per month 5th month onwards in the beginning of every month? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate interest on drawings @ 10% per annum in the following case: x withdraw rupees 1000 in the beginning of every month only for first 4 months after he got married and his responsibilities was more so now he to withdraw 3000 per month 5th month onwards in the beginning of every month?.
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