A trader owes a merchant Rs. 10,028 due 1 year hence. The trader wants to settle the account after 3 months. If the rate of interest is 12% per annum, how much cash should he pay?

Rs. 9025.20
Rs. 9200
Rs. 9600
Rs. 9560

Correct answer: Rs. 9200

Solution

The debt of Rs. 10,028 is due after 1 year, but payment is made after 3 months, so the remaining time is 9 months. Discounting the amount for 9 months at 12% per annum gives Rs. 9200.

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