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True Discount - General Aptitude

Q1:

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

ANS:B - Rs. 9200

Required money = P.W. of Rs. 10028 due 9 months hence
 
= Rs. 10028 x 100
100 + 12 x 9
12
  = Rs. 9200.