Question

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`

∴ `432 = (18,000 xx n xx 12)/100`

`n = (432 xx 100)/(18,000 xx 12)`

`n = 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., 25^th October 2017:

October	November	December	January	Total
6	30	31	6	73

Hence, legal due date is `square`

Answer 1

Given SD = ₹18,000, CV = ₹17,568

r = 12% p.a.

Now, BD = S.D − C.V

BD = 18,000 − 17,568

BD = ₹ 432

Also, BD = ₹ 432

∴ `432 = (18,000 xx n xx 12)/100`

`n = (432 xx 100)/(18,000 xx 12)`

`n = 1/5` years = 73 days

The period for which the discount is deducted is 73 days, which is counted from the date of discounting, i.e., 25^th October 2017:

October	November	December	January	Total
6	30	31	6	73

Hence, legal due date is 6 January 2018.