Question

A bill was drawn on 1st March 2018 for Rs. 8,000 for 3 months. It was discounted

from bank on 1st May 2018 @ 9% p.a. The amount of discount will be :

(a) Rs. 360

(b) Rs. 180

(c) Rs. 120

(d) Rs. 60​

Answer 1

Answer:

answer is (b) Rs. 180

Explanation:

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Answer 2

Answer:

As per BILLS OF EXCHANGE topics:

The Amount at which the bill is discounted will be:₹60

Explanation:

As the formula to calculate the discounting of the bill:

$Amount of bill * rate if Interest * \frac{no. of month/days left}{Total no of month/days in a year }$

$RS. 8000 * 12% * \frac{1}{12}$$* \frac{1}{12}$

$Rs. 60 (ans)$

We have to take 1/12 because the bill was drawn on 1st MAy 2018 for three months. So,

1. 1st MARCH - 1st APRIL
2. 1st APRIL - 1st MAY
3. 1st MAY - 1st JUNE

Bill was discounted on 1st MAY prior to one month left in the maturity of Bills of Exchange. Therefore, we will take one month which is divided by 12 (because the total no of months in every year is 12).

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