Bharam is a partner in a firm. He withdraws Rs. 3,000 at the starting of each month for 12 months. The books of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.
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Bharam is a partner in a firm. He withdraws Rs. 3,000 at the starting of each month for 12 months. The books of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.
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- On the first of February, Rosa Maria deposits $19,500 in an account earning 5.7% simple interest per month. How much money can she withdraw on the first day of September if she had withdrawn $6,500 from her account on 1 April? (It's advisable to make a time diagram)Menon and Thomas are partners in a firm. They share profits equally. Theirmonthly drawings are Rs. 2,000 each. Interest on drawings is to be charged @ 10% p.a. Calculate interest on Menon’s drawings for the year 2006, assuming that money is withdrawn: (i) in the beginning of every month, (ii) in the middle of every month, and (iii) at the end of every month.On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year compounded annually. He withdraws ₱80 at the end of the first year, ₱90 at the end of the second year, and the remaining balance at the end of the third year. How much does he withdraw at the end of the third year?
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- Daniel deposits $20,000 into an account earning interest at 6% per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals? Round entry down to the nearest month. Please show all work! Thank you!!Leslie and Mackoy both opened a savings account with a starting balance of P20,000 on the first day of January. Leslie's bank is paying her a simple interest of 8% annually. Mackoy's bank is paying him an interest of 8% compounded annually. Who has a bigger balance at the end of 5 years?Sam borrowed $1,500 from his uncle. He paid him back $50 per month for the first year, then $75 per month thereafter. Write a piecewise function to represent the amount A Sam owes after m months.
- A new employee charged $7160 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest will he have paid?On May 11, Ali joined a gulf club. His bank will automatically deduct BD 120 from his checking account at the end of each month, and deposit it into his gulf club account, where it will earn 8% annual interest. The account comes to term on October 7. Find the following: a. Find the future value of Ali's gulf club account. b. Find Ali's total contribution to the account. C. Find the total interest earned on the account.Elwin Tulpo invests Php1,000 in a Bank at 10% a year for five years, but when the interest is credited at the end of each year, he leaves it in his account. What amount does he have at the end of five years?