The interest on joy’s drawing is?

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.

A. N6.00
B. N7.25
C. N9.00
D. N9.75

Correct Answer:

Option D – N9.75