Explanation on this Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1. The interest on joy's drawing is? A. N6.00 B. N7.25 C. N9.00 D. N9.75 Correct Answer: Option D?
boy231
31 Mar, 2026
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Rahee1
2 months ago
Interest runs from day drawn to year-end.
Joy drew N100 Apr 1 → 9 months left:
100 × 5% × 9⁄12 = 3.75
Drew N240 Jul 1 → 6 months left:
240 × 5% × 6⁄12 = 6.00
Total = 3.75 + 6.00 = N9.75.
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