Multiple choice

A is drawing Rs.500 regularly on the 16th of every month.He will have to pay interest in a year on Rs.6,000 (at the given rate of interest) for a total period of _________________.

  1. 5 months

  2. 6 months

  3. 7 months
  4. $6\dfrac{1}{2}$ months
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

For monthly drawings on the 16th, the average period is calculated as (time left after first drawing + time left after last drawing) / 2. Here, (11.5 + 0.5) / 2 = 6 months.

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