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 (X)
(B) Rs. 9200 ()
(C) Rs. 9600 (X)
(D) Rs. 9560 (X)

Answers: 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 Rs. 9200.