# A bill of ₹ 4,800 was drawn on 9th March 2006 at 6 months and was discounted on 19th April 2006 for 614% p.a. How much does the banker charge and how much does the holder receive? - Mathematics and Statistics

Sum

A bill of ₹ 4,800 was drawn on 9th March 2006 at 6 months and was discounted on 19th April 2006 for 6 1/4% p.a. How much does the banker charge and how much does the holder receive?

#### Solution

Given, Face value = ₹ 4,800,

Date of drawing = 9th March 2006,

Period of the bill = 6 months,

∴ Nominal due date = 9th September 2006,

Legal due date = 12th September 2006,

Date of discount = 19th April 2006

r = 6 1/4 % = 25/4% p.a.

Now, number of days from the date of discounting to the legal due date:

 April May June July Aug Sept Total 11 31 30 31 31 12 146

∴ n = 146/365 = 2/5 year

Since, B.D. = interest on F.V. for n years at r %

i.e., B.D. = ("F.V," xx "n" xx "r")/100

= (4800 xx 2/5 xx 25/4)/100

= (4800 xx 2 xx 25)/(100 xx 5 xx 4)

∴ B.D. = ₹ 120

Also, B.D. = F.V. – C.V.

∴ 120 = 4,800 – C.V.

∴ C.V. = 4,800 – 120

∴ C.V. = ₹ 4,680

∴ Banker charges ₹ 120 and holder receives
₹ 4,680.

Concept: Discount
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Chapter 1: Commission, Brokerage and Discount - Miscellaneous Exercise 1 [Page 13]

#### APPEARS IN

Balbharati Mathematics and Statistics 2 (Commerce) 12th Standard HSC Maharashtra State Board
Chapter 1 Commission, Brokerage and Discount
Miscellaneous Exercise 1 | Q 4.14 | Page 13
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