SELECT * FROM question_mgmt as q WHERE id=1402 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=11 AND chapterId=135 and ex_no='4' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?

Answer:

If a fixed amount is withdrawn on the first day of every quarter, then the interest is calculated on the amount withdrawn for a period of seven and half months. Example: If a partner withdraws Rs 1,000 in the beginning of each quarter and the interest is charged @ 10% on the drawings, then interest on drawings is calculated as:

Total drawings made by the partner during the whole year are Rs 4,000, i.e. Rs 1,000 × 4.

Interest on drawings = 4,000 x 10% x 7(1/2) / 12 = 1,250


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