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A B C started business on 1st July 2015 calculate interest on drawing of Mr a@ 9% per annum for 9 month ending 31st March 2016 if he withdraw 10000 per month in the beginning of every month?
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A B C started business on 1st July 2015 calculate interest on drawing ...
Understanding the Interest on Drawings
To calculate the interest on Mr. A's drawings, we first need to determine the total amount withdrawn and the timing of these withdrawals. Mr. A withdraws ₹10,000 at the beginning of each month from July 2015 to March 2016, totaling 9 months.
Breakdown of Withdrawals
- July 2015: ₹10,000
- August 2015: ₹10,000
- September 2015: ₹10,000
- October 2015: ₹10,000
- November 2015: ₹10,000
- December 2015: ₹10,000
- January 2016: ₹10,000
- February 2016: ₹10,000
- March 2016: ₹10,000
Calculating Interest for Each Withdrawal
Each withdrawal incurs interest for a different number of months until the end of March 2016.
- July 2015: 9 months
- August 2015: 8 months
- September 2015: 7 months
- October 2015: 6 months
- November 2015: 5 months
- December 2015: 4 months
- January 2016: 3 months
- February 2016: 2 months
- March 2016: 1 month
Interest Calculation
The formula for interest is:
Interest = Principal x Rate x Time
- For July's ₹10,000: 10,000 x 9% x (9/12) = ₹675
- For August's ₹10,000: 10,000 x 9% x (8/12) = ₹600
- For September's ₹10,000: 10,000 x 9% x (7/12) = ₹525
- For October's ₹10,000: 10,000 x 9% x (6/12) = ₹450
- For November's ₹10,000: 10,000 x 9% x (5/12) = ₹375
- For December's ₹10,000: 10,000 x 9% x (4/12) = ₹300
- For January's ₹10,000: 10,000 x 9% x (3/12) = ₹225
- For February's ₹10,000: 10,000 x 9% x (2/12) = ₹150
- For March's ₹10,000: 10,000 x 9% x (1/12) = ₹75
Total Interest Calculation
Adding all the interest amounts together:
₹675 + ₹600 + ₹525 + ₹450 + ₹375 + ₹300 + ₹225 + ₹150 + ₹75 = ₹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 A's drawings, we first need to determine the total amount withdrawn and the timing of these withdrawals. Mr. A withdraws ₹10,000 at the beginning of each month from July 2015 to March 2016, totaling 9 months.
Breakdown of Withdrawals
- July 2015: ₹10,000
- August 2015: ₹10,000
- September 2015: ₹10,000
- October 2015: ₹10,000
- November 2015: ₹10,000
- December 2015: ₹10,000
- January 2016: ₹10,000
- February 2016: ₹10,000
- March 2016: ₹10,000
Calculating Interest for Each Withdrawal
Each withdrawal incurs interest for a different number of months until the end of March 2016.
- July 2015: 9 months
- August 2015: 8 months
- September 2015: 7 months
- October 2015: 6 months
- November 2015: 5 months
- December 2015: 4 months
- January 2016: 3 months
- February 2016: 2 months
- March 2016: 1 month
Interest Calculation
The formula for interest is:
Interest = Principal x Rate x Time
- For July's ₹10,000: 10,000 x 9% x (9/12) = ₹675
- For August's ₹10,000: 10,000 x 9% x (8/12) = ₹600
- For September's ₹10,000: 10,000 x 9% x (7/12) = ₹525
- For October's ₹10,000: 10,000 x 9% x (6/12) = ₹450
- For November's ₹10,000: 10,000 x 9% x (5/12) = ₹375
- For December's ₹10,000: 10,000 x 9% x (4/12) = ₹300
- For January's ₹10,000: 10,000 x 9% x (3/12) = ₹225
- For February's ₹10,000: 10,000 x 9% x (2/12) = ₹150
- For March's ₹10,000: 10,000 x 9% x (1/12) = ₹75
Total Interest Calculation
Adding all the interest amounts together:
₹675 + ₹600 + ₹525 + ₹450 + ₹375 + ₹300 + ₹225 + ₹150 + ₹75 = ₹3,375
Conclusion
The total interest on Mr. A's drawings from July 2015 to March 2016 is ₹3,375.
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A B C started business on 1st July 2015 calculate interest on drawing of Mr a@ 9% per annum for 9 month ending 31st March 2016 if he withdraw 10000 per month in the beginning of every month?
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A B C started business on 1st July 2015 calculate interest on drawing of Mr a@ 9% per annum for 9 month ending 31st March 2016 if he withdraw 10000 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 A B C started business on 1st July 2015 calculate interest on drawing of Mr a@ 9% per annum for 9 month ending 31st March 2016 if he withdraw 10000 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 A B C started business on 1st July 2015 calculate interest on drawing of Mr a@ 9% per annum for 9 month ending 31st March 2016 if he withdraw 10000 per month in the beginning of every month?.
A B C started business on 1st July 2015 calculate interest on drawing of Mr a@ 9% per annum for 9 month ending 31st March 2016 if he withdraw 10000 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 A B C started business on 1st July 2015 calculate interest on drawing of Mr a@ 9% per annum for 9 month ending 31st March 2016 if he withdraw 10000 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 A B C started business on 1st July 2015 calculate interest on drawing of Mr a@ 9% per annum for 9 month ending 31st March 2016 if he withdraw 10000 per month in the beginning of every month?.
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