Bill Discounting Formula – Calculate Rate of Interest (Step-by-Step Solution)
How to Calculate the Rate of Interest on a Discounted Bill of Exchange In this post, we will solve the question: A bill of ₹10,100 drawn on 14th January for 5 months was discounted on 26th March. The customer was paid ₹9,939.25. Calculate the rate of interest. Understanding the Problem A bill of exchange is…