Amit, a partner in a partnership firm withdrew ₹ 7,000 in the beginning of each quarter. For how many months (average period) would interest on drawings be charged:

6 months 4 months 7.5 months 5.5 months

7.5 months

Average period = (Months left after 1st drawing + Months left after last drawing) /2                          = (12+3) months/2 = 7.5 months