A bill of Rs 7300 drawn on 7th June 2017 was encashed for Rs 7108 on 22nd October 2017. If the rate of interest was
12% p.a. ,find the period of the bill
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Answer:
Maharashtra State Board
HSC Commerce (Marketing and Salesmanship) 12th Board Exam
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QUESTION By default hide Solutions
A bill of Rs.7,500 was discounted for Rs. 7,290 at a bank on 28th October 2006. If the rate of interest was 14% p.a., what is the legal due date ?
SOLUTION
Given S.D. = 7500
C.V. = 7290
r = 14%
We have BD = SD - CV
= 7500 - 7290 = 210
∴ Also, BD =
SD×n×r100
⇒ 210 =
7500×n×14100
⇒ 21000 = 105000n
∴ n =
21000105000=15
∴ n =
15 = 0.2 years
= 365 x 0.2 = 73 days
Counting 73 days from the date of discounting
Oct Nov Dec Jan Total
03 30 31 9 73
Hence, the legal due date is 9th January 2007.