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Home Aptitude Banker's Discount See What Others Are Saying!
  • Question
  • A bill for Rs. 6000 is drawn on July 14 at 5 months. It is discounted on 5th October at 10%. Find the banker's discount, true discount, banker's gain and the money that the holder of the bill receives.


  • Options
  • A. 4390
  • B. 6580
  • C. 5880
  • D. 5350

  • Correct Answer
  • 5880 

    Explanation

    Face value of the bill = Rs. 6000.

    Date on which the bill was drawn = July 14 at 5 months. Nominally due date =                  December 14.

    Legally due date = December 17.

    Date on which the bill was discounted = October 5.

    Unexpired time  : Oct.               Nov.                Dec.

                                     26  +               30  +              17     = 73 days  =1/ 5Years

     

     B.D. = S.I. on Rs. 6000 for 1/5 year

    = Rs.   (6000 x 10 x1/5 x1/100)= Rs. 120.

    T.D. = Rs.[(6000 x 10 x1/5)/(100+(10*1/5))]

                =Rs.(12000/102)=Rs. 117.64.

    B.G. = (B.D.) - (T.D.) = Rs. (120 - 117.64) = Rs. 2.36.

    Money received by the holder of the bill = Rs. (6000 - 120) = Rs. 5880.


  • More questions

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    • Options
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    • Discuss
    • 2. 
      750.0003 ÷ 19.999 =?

    • Options
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    • Discuss
    • 3. 
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