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 12% per annum, how much cash should he pay?
Rs. 9025.20
Rs. 9200
Rs. 9600
Rs. 9560
Explanation:
Required money = P.W. of Rs. 10028 due 9 months hence
=Rs.$[\dfrac{10028 \times 100}{100+(12 \times \dfrac{9}{12}})]$
=Rs.9200
Required money = P.W. of Rs. 10028 due 9 months hence
=Rs.$[\dfrac{10028 \times 100}{100+(12 \times \dfrac{9}{12}})]$
=Rs.9200