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JAMB Commerce 2012 Question 14

Question 14

Banking

A bill of exchange paid before its due date at an amount less than its face value is said to have been

  1. A.accepted
  2. B.rejected
  3. C.discounted
  4. D.dishonoured.
Show the answer and explanation

Answer: C (discounted)

Explanation

Cashing a bill early for less than its face value is discounting it.