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On 1.1.05 X draws a bill on Y for Rs 15000 for 3 months. At maturity Y request X to accept Rs 5000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:
- a)200
- b)300
- c)240
- d)380
Correct answer is option 'A'. Can you explain this answer?
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On 1.1.05 X draws a bill on Y for Rs 15000 for 3 months. At maturity Y...
Calculation of Interest on X's Bill
Given data:
- X draws a bill on Y for Rs 15000 for 3 months on 1.1.05.
- At maturity, Y requests X to accept Rs 5000 in cash and the balance to draw a fresh bill for 2 months together with 12% p.a. interest.
- We need to find out the amount of interest.
Calculation:
- Firstly, we need to calculate the amount of the fresh bill that X will draw for the balance amount.
- Rs 15000 - Rs 5000 = Rs 10000
- The fresh bill will be drawn for Rs 10000 for 2 months.
- The formula to calculate simple interest is:
Simple Interest = (P x R x T)/100
Where,
P = Principal (the amount on which interest is calculated)
R = Rate of interest per annum
T = Time period for which interest is calculated
- Here, P = Rs 10000, R = 12% per annum, and T = 2/12 (2 months out of 12 months in a year)
- Putting these values in the formula, we get:
Simple Interest = (10000 x 12 x 2/12)/100 = Rs 240
- Therefore, the amount of interest will be Rs 240.
Answer:
Option (A) 200 is incorrect. The correct answer is option (C) 240.
Given data:
- X draws a bill on Y for Rs 15000 for 3 months on 1.1.05.
- At maturity, Y requests X to accept Rs 5000 in cash and the balance to draw a fresh bill for 2 months together with 12% p.a. interest.
- We need to find out the amount of interest.
Calculation:
- Firstly, we need to calculate the amount of the fresh bill that X will draw for the balance amount.
- Rs 15000 - Rs 5000 = Rs 10000
- The fresh bill will be drawn for Rs 10000 for 2 months.
- The formula to calculate simple interest is:
Simple Interest = (P x R x T)/100
Where,
P = Principal (the amount on which interest is calculated)
R = Rate of interest per annum
T = Time period for which interest is calculated
- Here, P = Rs 10000, R = 12% per annum, and T = 2/12 (2 months out of 12 months in a year)
- Putting these values in the formula, we get:
Simple Interest = (10000 x 12 x 2/12)/100 = Rs 240
- Therefore, the amount of interest will be Rs 240.
Answer:
Option (A) 200 is incorrect. The correct answer is option (C) 240.
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Community Answer
On 1.1.05 X draws a bill on Y for Rs 15000 for 3 months. At maturity Y...
At the date of maturity
The amt. of fresh bill is 15000 - 5000( amount paid to Y in cash) =10000
Now interest for 2 months @ 12% p. a. is
10000*2/12*12%=200
The amt. of fresh bill is 15000 - 5000( amount paid to Y in cash) =10000
Now interest for 2 months @ 12% p. a. is
10000*2/12*12%=200
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On 1.1.05 X draws a bill on Y for Rs 15000 for 3 months. At maturity Y request X to accept Rs 5000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:a)200b)300c)240d)380Correct answer is option 'A'. Can you explain this answer?
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