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Question
A bill of Rs.7,500 was discounted for Rs. 7,290 at a bank on 28th October 2006. If the rate of interest was 14% p.a., what is the legal due date ?
Solution
Given S.D. = 7500
C.V. = 7290
r = 14%
We have BD = SD - CV
= 7500 - 7290 = 210
∴ Also, BD = `[ SD xx n xx r ]/100`
⇒ 210 = `[ 7500 xx n xx 14 ]/100`
⇒ 21000 = 105000n
∴ n = `21000/105000 = 1/5`
∴ n = `1/5` = 0.2 years
= 365 x 0.2 = 73 days
Counting 73 days from the date of discounting
| Oct | Nov | Dec | Jan | Total |
| 03 | 30 | 31 | 9 | 73 |
Hence, the legal due date is 9th January 2007.
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