A customer is a need of export finance for his export order worth $2 Million. The insurance is 2% of FOB and freight $3000. How much amount you will give to customer as packing credit, if the bank margin is 15%.
A. $16,64,116
B.$17,00,000
C.$16,63,450
D. NONE
A. $16,64,116
B.$17,00,000
C.$16,63,450
D. NONE
Solution
| EXPORT ON CIF | 2000000 | ||
| INSURANCE | 2% OF FOB | ||
| FREIGHT | 3000 | ||
| FOB=(CIF- INSURANCE-FREIGHT) | |||
| FOB=(2000000-(2% XFOB)-3000) | |||
| FOB=1957843.137 | |||
| MARGIN= (15% of FOB) | |||
| PERMISSIBLE FINANCE = 1957843.137 X 85% | |||
| ANSWER | 1664166.66666667 | ||
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