John is a partner in Jet speed tour and travels. He withdrew money during the year ending March $21,2020,$ from his capital account, for personal use. Calculate the interest on drawings in each of the following alternative situations if the rate of interest is $9\%\frac{\mathrm{????}}{\mathrm{????}}.$

a$)$ If he withdrew $$3,000$ per month at the beginning of every month.

b$)$ If an amount of $$3,000$ per month was withdrawn at the beginning of every month.

c$)$ Create a statement showing the amount withdrawn: $$12,000$ on June $01,2019,$$$8,000$ on August $31,2019,$$$3,000$ on September $30,2019,$$$7,000$ on November $30,2019,$ and $$6,000$ on January $21,2020.$ Find the total Interest.

Answer rating: 100% (QA)

To calculate the interest on drawings in each situation well use the formula Interest on Dra... View the full answer