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Interest On Drawings II

Mahesh Kumar
06/06/2017 0 1

Calculate interest on drawing of Vimal if the withdrew Rs.48000 in year withdrawn evenly:

  • At beginning of each Quarter
  • In the middle of each Quarter
  • At end of each Quarter rate is 10% P. A.

Solution:

  • Case I: Drawing made on begnning of each quarter interest on drawing = Amount x Rate/100 x 7.5/12 = 48,000 x 10/100 x 7.5/12 = Rs.3,000
  • Case II: Drawing made in middle of each quarter interest on drawing = Amount x Rate/100 x 6/12 = 48,000 x 10/100 x 6/12 = Rs.2,400
  • Case III Drawings made at end of each quarter interest on drawing = Amount x Rate/100 x 4.5/12 = 48,000x10/100 x 4.5/12 = Rs.1800

Similarly Interest can be calculated by following formulas:
Half yearly Drawings for year when:

  • Drawings are made in the begnning of each period (halfyear) interest on drawing = Amount x Rate/100 x 9/12
  • Drawings are made in the middle of each period (half year) interes on drawing = Amount x Rate/100 x 6/12
  • Drawings are made at the end of each period (half year) interest on drawing = Amount x Rate/100 x 3/12

For monthly drawings for 6 months:

  • Drawings are made in beginning of each month Interest = Amount x Rate/100 x 3.5/12.
  • When drawings are made in the middle of each month interest = Amount x Rate/100 x 3/12.
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Keshav Maheshwari | 06/12/2020

I think monthly drawings are wrong. It's 6.5 at beginning of month and 5.5 at end of month.

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