Question

Ganesh draws a bill for ₹ 40,260 on 15th Jan. 2020 for 50 days. He discounted the bill with the Bank of India @ 15 % p.a. on the same day. Calculate the amount of discount.

Answer 1

Discount = Amount of Bill × \(\frac{Rate}{100}\times\frac{Unexpired\,days}{366}\)

= 40,260 × \(\frac{15}{100}\times\frac{50}{366}\)

= ₹ 825

(Note: 2020 is a Leap year, so the total number of days = 366)