JAMB - Commerce (2024 - No. 22)
A bill of exchange sold for less than its face value before maturity is said to be
protested
cleared
dishonored
discounted
Maelezo
When a bill of exchange is sold for less than its face value before its maturity date, it is referred to as being discounted. This discount represents the difference between the face value of the bill and the amount received by the holder of the bill when selling it before maturity. The discounted amount is usually determined based on the remaining time to maturity and prevailing interest rates.