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?

1.

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: Option B

Explanation:

Required money

= P.W. of Rs. 10028 due 9 months hence

= Rs.

1-sym-obracket-h1

10028 x 100

1-sym-cbracket-h1

100 +		12 x	9
			12

= Rs. 9200.

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