A bill of ₹ 18,000 was discounted for ₹ 17,568 at a bank on 25th October 2017. If the rate of interest was 12% p.a. what is the legal due date?Solution : Given SD = 18,000; CV = 17,568; r = 12% p.a.Now, BD = \(\square\)= 18,000 – 17,568= ₹ 432Also BD…
Q.6 (C) (i) A bill of ₹ 18,000 was discounted for ₹ 17,568 at a bank on 25th October 2017. If the rate of interest was 12% p.a. what is the legal due date?
Solution : Given SD = 18,000; CV = 17,568; r = 12% p.a.
Now, BD = \(\square\)
= 18,000 – 17,568
= ₹ 432
Also BD = \(\square\)
\(\therefore 432=\frac{18{,}000\times n\times12}{100}\)
\(n=\frac{432\times100}{18{,}000\times12}\)
\(n=\frac{1}{5}\) years = \(\square\) days
The period for which the discount is deducted is 73 days, which is counted from the date of discounting i.e. 25th October 2017 :
| October | November | December | January | Total |
|---|---|---|---|---|
| 6 | 30 | 31 | 6 | 73 |
Hence legal due date is \(\square\)