Bill of Exchange: A written order to pay a sum of money to a person or entity at a certain date (maturity date)

Bank Discounting: The process of a bank buying a bill of exchange from a person or entity before the maturity date and retains a certain amount of money as interest (services)

$\text{Discount Net Value} = \text{Discount Amount} + \text{Bank Fees} + VAT$

$\text{Discount Net Value} = (\frac{\text{C}\times\text{t}\times\text{n}}{360} - \text{Fees})\times(1+\frac{\text{VAT}}{100})$

Date of BoE: 5 September
Capital: 24,000$
Discount rate: 7%
Maturity Date: 14 October
Working days: 4 days
Bank Fees: 3% of nominal value
VAT: 10%

$\text{Value of Bill Exchange} = \text{Capital} - \text{Discount Net Value}$

$\text{Value of Bill Exchange} = \text{C} - \text{Discount Net Value}$