Question

A bill of Rs $10000$ drawn on ${15}^{th}$ April for $3$ months is discounted on $6^{th}$ May at $8\%$ p.a. Find the B.D. (in Rs).

• A. $200$
• B. $160$
• C. $240$
• D. $120$

Answer 1

Answer: (B)

$160$

A =$10000$
i =$\frac{8}{100}$ = $0.08$
Bill is drawn on ${15}^{th}$ April, so legally due date is ${18}^{th}$July.
As bill is discounted on $6^{th}$ may.
Remaining period= $25$days of May+ $30$days of June+ $18$ days of July
= $73$ days = $\frac{73}{365}$ = $\frac{1}{5}$
so, B.D = $10000\times 0.08\times \frac{1}{5}$ =$160$