How is interest on drawings of equal amounts drawn on the 1st day of every month calculated?
How is interest on drawings of equal amounts drawn on the 1st day of every month calculated?
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When drawings of equal amounts are made at regular monthly intervals on the 1st day of every month, interest is charged on the total drawings for 6.5 months (i.e., average period).
Interest on Drawings = Total Drawings * Rate of Interest/100 * 6.5/12
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