Practicing Success
When equal amounts are withdrawn at the end of every month throughout the year, the interest on drawings are charged for how many months ? |
5.5 6 6.5 9 |
5.5 |
If money is withdrawn on the first day of every month, interest on total amount will be calculated for 6½ months; if withdrawn at the end at every month, it will be calculated for 5½ months, and if withdrawn during the middle of the month, it will be calculated for 6 months. Interest on Drawings = Total of drawings × Rate/100 × 5.5/12 |