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ABN scene started business on 1st July 2015 calculate interest on drawings of Mr a @ 9% per annum for 9 months ending 31st March 2016 if he withdraw 10 thousand per month in the beginning of every month?
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ABN scene started business on 1st July 2015 calculate interest on draw...
Calculation of Interest on Drawings
To calculate the interest on Mr. A's drawings for the period ending 31st March 2016, we will follow these steps:
Details of Drawings
- Mr. A withdraws ₹10,000 at the beginning of each month.
- The duration for which we will calculate interest is from 1st July 2015 to 31st March 2016, totaling 9 months.
Calculation of Interest for Each Month
- Interest is calculated on each withdrawal for the period it remains in the business. The interest rate is 9% per annum.
Monthly Breakdown
- July 2015: ₹10,000 for 9 months
Interest = 10,000 * 9% * (9/12) = ₹675
- August 2015: ₹10,000 for 8 months
Interest = 10,000 * 9% * (8/12) = ₹600
- September 2015: ₹10,000 for 7 months
Interest = 10,000 * 9% * (7/12) = ₹525
- October 2015: ₹10,000 for 6 months
Interest = 10,000 * 9% * (6/12) = ₹450
- November 2015: ₹10,000 for 5 months
Interest = 10,000 * 9% * (5/12) = ₹375
- December 2015: ₹10,000 for 4 months
Interest = 10,000 * 9% * (4/12) = ₹300
- January 2016: ₹10,000 for 3 months
Interest = 10,000 * 9% * (3/12) = ₹225
- February 2016: ₹10,000 for 2 months
Interest = 10,000 * 9% * (2/12) = ₹150
- March 2016: ₹10,000 for 1 month
Interest = 10,000 * 9% * (1/12) = ₹75
Total Interest Calculation
- Total Interest = ₹675 + ₹600 + ₹525 + ₹450 + ₹375 + ₹300 + ₹225 + ₹150 + ₹75
- Total Interest = ₹3,375
Conclusion
The total interest on Mr. A's drawings from July 2015 to March 2016 is ₹3,375.
To calculate the interest on Mr. A's drawings for the period ending 31st March 2016, we will follow these steps:
Details of Drawings
- Mr. A withdraws ₹10,000 at the beginning of each month.
- The duration for which we will calculate interest is from 1st July 2015 to 31st March 2016, totaling 9 months.
Calculation of Interest for Each Month
- Interest is calculated on each withdrawal for the period it remains in the business. The interest rate is 9% per annum.
Monthly Breakdown
- July 2015: ₹10,000 for 9 months
Interest = 10,000 * 9% * (9/12) = ₹675
- August 2015: ₹10,000 for 8 months
Interest = 10,000 * 9% * (8/12) = ₹600
- September 2015: ₹10,000 for 7 months
Interest = 10,000 * 9% * (7/12) = ₹525
- October 2015: ₹10,000 for 6 months
Interest = 10,000 * 9% * (6/12) = ₹450
- November 2015: ₹10,000 for 5 months
Interest = 10,000 * 9% * (5/12) = ₹375
- December 2015: ₹10,000 for 4 months
Interest = 10,000 * 9% * (4/12) = ₹300
- January 2016: ₹10,000 for 3 months
Interest = 10,000 * 9% * (3/12) = ₹225
- February 2016: ₹10,000 for 2 months
Interest = 10,000 * 9% * (2/12) = ₹150
- March 2016: ₹10,000 for 1 month
Interest = 10,000 * 9% * (1/12) = ₹75
Total Interest Calculation
- Total Interest = ₹675 + ₹600 + ₹525 + ₹450 + ₹375 + ₹300 + ₹225 + ₹150 + ₹75
- Total Interest = ₹3,375
Conclusion
The total interest on Mr. A's drawings from July 2015 to March 2016 is ₹3,375.
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ABN scene started business on 1st July 2015 calculate interest on drawings of Mr a @ 9% per annum for 9 months ending 31st March 2016 if he withdraw 10 thousand per month in the beginning of every month?
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ABN scene started business on 1st July 2015 calculate interest on drawings of Mr a @ 9% per annum for 9 months ending 31st March 2016 if he withdraw 10 thousand per month in the beginning of every month? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about ABN scene started business on 1st July 2015 calculate interest on drawings of Mr a @ 9% per annum for 9 months ending 31st March 2016 if he withdraw 10 thousand per month in the beginning of every month? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ABN scene started business on 1st July 2015 calculate interest on drawings of Mr a @ 9% per annum for 9 months ending 31st March 2016 if he withdraw 10 thousand per month in the beginning of every month?.
ABN scene started business on 1st July 2015 calculate interest on drawings of Mr a @ 9% per annum for 9 months ending 31st March 2016 if he withdraw 10 thousand per month in the beginning of every month? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about ABN scene started business on 1st July 2015 calculate interest on drawings of Mr a @ 9% per annum for 9 months ending 31st March 2016 if he withdraw 10 thousand per month in the beginning of every month? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ABN scene started business on 1st July 2015 calculate interest on drawings of Mr a @ 9% per annum for 9 months ending 31st March 2016 if he withdraw 10 thousand per month in the beginning of every month?.
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