Question : When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for:
Option 1: 6.5 months
Option 2: 6 months
Option 3: 5.5 months
Option 4: 1 month

Question

Question : When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for:

Option 1: 6.5 months

Option 2: 6 months

Option 3: 5.5 months

Option 4: 1 month

Team Careers360 · Accepted Answer

Correct Answer: 5.5 months

Solution : Time period = (Time left after 1st drawing + Time left after last drawing)/2 = (11 + 0)/2 = 11/2 = 5.5 months.
Hence, the correct option is 3.

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Question : When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for:Option 1: 6.5 monthsOption 2: 6 monthsOption 3: 5.5 monthsOption 4: 1 month

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Question : When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for:
Option 1: 6.5 months
Option 2: 6 months
Option 3: 5.5 months
Option 4: 1 month