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If the true discount on a sum is $150 and the sum is due in 1 year at a rate of

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Question: If the true discount on a sum is $150 and the sum is due in 1 year at a rate of 12% per annum, what is the sum?

Options:

  1. $1200
  2. $1300
  3. $1400
  4. $1500

Correct Answer: $1400

Solution: 

Let the sum be x. True Discount = x * Rate * Time / 100. 150 = x * 12 * 1 / 100. Solving gives x = $1250.

If the true discount on a sum is $150 and the sum is due in 1 year at a rate of

Practice Questions

Q1
If the true discount on a sum is $150 and the sum is due in 1 year at a rate of 12% per annum, what is the sum?
  1. $1200
  2. $1300
  3. $1400
  4. $1500

Questions & Step-by-Step Solutions

If the true discount on a sum is $150 and the sum is due in 1 year at a rate of 12% per annum, what is the sum?
  • True Discount – True discount is the difference between the nominal value of a sum due and its present value, calculated based on the interest rate and time until the sum is due.
  • Interest Rate Application – Understanding how to apply the interest rate to calculate the true discount and the present value of a sum.
  • Time Factor – Recognizing the importance of the time period in the calculation of true discount.
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