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?

A. Rs. 9025.20
B. Rs. 9200
C. Rs. 9600
D. Rs. 9560

Answer

B. Rs. 9200

Solution

Required money =P.W. of Rs.10028 due 9 months hence
= Rs (10028*100)/(100+(12*9/12))
= Rs.9200

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