Question:
Sheena’s interest on drawings will be:
Sheena’s interest on drawings will be:
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Always check if the time of withdrawal and rate of interest are given on an annual or monthly basis.
Updated On: Jan 18, 2025
- 5,000
- 4,000
- 3,000
- 2,000
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The Correct Option is C
Solution and Explanation
Interest on drawings is calculated using the formula:
\[
\text{Interest on Drawings} = \text{Total Drawings} \times \text{Rate of Interest} \times \text{Time}.
\]
If the necessary values were provided, plug them into the formula to calculate the interest.
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