Question

a bill of rs4800 was drawn on 9th march 2006 at 6 months and was discounted on 19th april 2006 for 25/4%p.a.How much does the banker charge and how much does the holder receive

Answer 1

Step-by-step explanation:

Face value of the bill = Rs. 6000.

Date on which the bill was drawn = July 14 at 5 months. Nominally due date = December 14.

Legally due date = December 17.

Date on which the bill was discounted = October 5.

Unexpired time : Oct. Nov. Dec.

26 + 30 + 17 = 73 days =1/ 5Years

B.D. = S.I. on Rs. 6000 for 1/5 year

= Rs. (6000 x 10 x1/5 x1/100)= Rs. 120.

T.D. = Rs.[(6000 x 10 x1/5)/(100+(10*1/5))]

=Rs.(12000/102)=Rs. 117.64.

B.G. = (B.D.) - (T.D.) = Rs. (120 - 117.64) = Rs. 2.36.

Money received by the holder of the bill = Rs. (6000 - 120) = Rs. 5880.