Multiple Choice Questions on A partner withdraws from firm 7 000 at the end of each month At the rate of 6 per annum total intere........... for Commerce 12th Preparation

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Multiple Choice Questions

A partner withdraws from firm 7 000 at the end of each month At the rate of 6 per annum total intere...........

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    A partner withdraws from firm 7,000 at the end of each month. At the rate of 6% per annum total interest will be :

    5,040

    Incorrect Answer

    2,310

    Correct Answer

    3,570

    Incorrect Answer

    1,370

    Incorrect Answer
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    Explanation:

    To calculate the total interest on monthly withdrawals of Rs  7,000 at an annual interest rate of 6%:

    Total drawings 7,000 x 12 = 84,000

    Average period = (11 + 0)/ 2 = 5.5 months

    Interest = 84,000 x 6% x 5.5/12 = Rs 2,310

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