Multiple choice

When drawings are made by a partner on the last day of every month, interest should be charged from him for ____ months.

  1. 5.5

  2. 6

  3. 6.5

  4. 12
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A Correct answer
Explanation

In case of last day of drawings, interest is calculated for 5.5 months. If drawings are made on first day of month, interest is charged for 6.5 months and for the mid of every month, time period is 6 months.

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