Question

A bill of Rs.10,000 is renewed. The drawee pays Rs.3,000 as part payment. The amount of interest
charged is Rs.200. what is the value of new bill?

Answer 1

Answer:

Bill renewed = 10,000

drawee payes a part of payment = 3,000

= 10,000 - 3,000

= 7,000

amount of interest charged = 200

The value of new bill = 7,000 - 200

= 6,800

Answer 2

Answer: The value of the new bill is Rs. 7200.

Explanation:

Interest is essentially a charge to the borrower for the use of an asset. Assets borrowed can include cash, consumer goods, vehicles, and property. Because of this, an interest rate can be thought of as the "cost of money" - higher interest rates make borrowing the same amount of money more expensive.

To find the value of the new bill, we need to calculate the remaining balance on the original bill after the part payment of 3000 has been made. To do this, we can subtract the part payment from the original bill amount:

Original bill amount: 10000

Part payment: -3000

Remaining balance: 7000

Next, we need to add the interest of 200 to the remaining balance to find the value of the new bill:

Remaining balance: 7000

Interest: +200

Value of new bill: 7200

Therefore, the value of the new bill is Rs. 7200.

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