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If equal monthly drawings of Rs 2000 are made at the beginning of every month and interest rate is twelve percent per annum what is interest on drawings?

Answer and explanation

Correct answer: Rs 1560

For monthly drawings at the beginning average period is six and half months. Interest on Rs 24000 at twelve percent for six and half months is Rs 1560.

Related tags

Monthly DrawingsBeginningInterest CalculationCapital AccountsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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