On 1.1.2016, X draws a bill on Y for Rs. 20,000 for 3 months. Y retire the bill under a rebate of 18% p.a. 1 months before maturity. Rebate amount will be:

Rs. 3,600

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Rs. 150

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Rs. 300

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Rs. 400

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Solution

The correct option is C
Rs. 300

Rebate
= Rs. 20,000 * 18% * 1/12
= Rs. 300

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On 1.1.2016, X draws a bill on Y for Rs. 20,000 for 3 months. Y retire the bill under a rebate of 18% p.a. 1 months before maturity. Rebate amount will be:

The correct option is C Rs. 300 Rebate = Rs. 20,000 * 18% * 1/12 = Rs. 300

The correct option is C
Rs. 300

Rebate
= Rs. 20,000 * 18% * 1/12
= Rs. 300