Amount of interest to be charged on Hitesh’s drawings will be:
Show Hint
- rupee 225
- rupee 4,500
- rupee 300
- rupee 7,200
The Correct Option is C
Solution and Explanation
Hitesh withdrew rupee 9,000 on 1st November, 2022.
Time period = 5 months (November to March). \[ \text{Interest on drawings} = \text{Amount withdrawn} \times\text {Rate} \times \text{Time} \] \[ \text{Interest} = rupee 9,000 \times \frac{8}{100} \times \frac{5}{12} = rupee 300 \]
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