Question on: JAMB Commerce - 2012
A bill of exchange paid before its due date at an amount less than its face value is said to have been
A
accepted
B
rejected
C
discounted
D
dishonoured
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Correct Option: C
A bill of exchange paid before its due date for less than its face value is said to have been discounted. Discounting involves receiving the present value of the bill, with the difference between the face value and the amount received representing the interest or discount.
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