Question
Sunita accepted a 90 days bill of Rs. 20,000/- drawn by
Vinita on 05.02.2017. On 13.03.2017 Sunita wished to retire the bill. Vinita offered rebate @ 10% p.a. What is the amount of rebate?Solution
The due date of bill falls on 9th May 2017. The bill is retired on 13.03.2017 i.e. 57 days before the due date. Rebate for this period will be 20000 × (10/100) × (57/365)
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