Banker's Discount problems
- 1. Mr Jaspal purchased a cow for Rs. 3,000 and sold it to Mr Dharampal, on the same day, for Rs. 3,600, allowing Dharampal a credit of 2 years. If the rate of interest be 10% per annum, then the Jaspal has a gain of:
Options- A. Nil
- B. 5%
- C. 750
- D. 10% Discuss
Correct Answer: Nil
Explanation:
- 2. The bankers gain of a certain sum due 2 years hence at 10% per annum is Rs 24 .The percent worth is
Options- A. 400
- B. 800
- C. 500
- D. 600 Discuss
Correct Answer: 600
Explanation:
T.D = (B.G * 100) / (Rate * Time)
(24*100) / (10 * 2)
= 120.
P.W = (100 *T.D) / (Rate * Time)
= (100 * 120) /(10 * 2)
= 600
- 3. The banker's discount on a certain sum due 2 years hence is11/10of the true discount. The rate percent is:
Options- A. 10%
- B. 7%
- C. 8%
- D. 5% Discuss
Correct Answer: 5%
Explanation:
Let T.D. be Re. 1.
Then, B.D. = Rs.11/10= Rs. 1.10.
Sum = Rs. (1.10*1)/(1.10-1) = Rs. (110/10)= Rs. 11.
S.I. on Rs. 11 for 2 years is Rs. 1.10
Rate = [(100 x 1.10)/(11 x 2 )]% = 5%.
- 4. The banker's discount on Rs. 1650 due a certain time hence is Rs. 165. Find the true discount and the banker's gain.
Options- A. 15
- B. 20
- C. 18
- D. 13 Discuss
Correct Answer: 15
Explanation:
Sum = [(B.D.xT.D.)/ (B.D.-T.D.)]
= [(B.D.xT.D.)/B.G.]
T.D./B.G. = Sum/ B.D.
=1650/165
=10
Thus, if B.G. is Re 1, T.D. = Rs. 10.
If B.D.is Rs. ll, T.D.=Rs. 10.
If B.D. is Rs. 165, T.D. = Rs. [(10/11)xl65]
=Rs.150
And, B.G. = Rs. (165 - 150) = Rs, 15.
- 5. If the true discount on a certain sum due 6 months hence at 15% is Rs. 120, what is the banker's discount on the same sum for the same time and at the same rate?
Options- A. 50
- B. 129
- C. 100
- D. 160 Discuss
Correct Answer: 129
Explanation:
B.G. = S.I. on T.D.
= Rs.(120 x 15 x 1/2 x 1/100)
= Rs. 9.
(B.D.) - (T.D.) = Rs. 9.
B.D. = Rs. (120 + 9) = Rs. 129.
- 6. The banker's discount on Rs. 1800 at 12% per annum is equal to the true discount on Rs. 1872 for the same time at the same rate. Find the time.
Options- A. 7 months
- B. 6 months
- C. 3 months
- D. 4 months Discuss
Correct Answer: 4 months
Explanation:
S.I. on Rs. 1800 = T.D. on Rs. 1872.
P.W. of Rs. 1872 is Rs. 1800.
Rs. 72 is S.I. on Rs. 1800 at 12%.
Time =[(100 x 72)/ (12x1800)]year
=1/3year = 4 months.
- 7. The banker's gain on a bill due 1 year hence at 12% per annum is Rs. 6. The true discount is:
Options- A. 62
- B. 58
- C. 47
- D. 50 Discuss
Correct Answer: 50
Explanation:
T.D. =(B.G. x 100)/ (R x T)= Rs. (6 x 100)/( 12 x 1) = Rs. 50.
- 8. The true discount on a bill of Rs. 540 is Rs. 90. The banker's discount is:
Options- A. 108
- B. 115
- C. 100
- D. 120 Discuss
Correct Answer: 108
Explanation:
P.W. = Rs. (540 - 90) = Rs. 450.
S.I. on Rs. 450 = Rs. 90.
S.I. on Rs. 540 = Rs.( 90 /450)x 540 = Rs. 108.
B.D. = Rs. 108.
- 9. The banker's gain on a sum due 3 years hence at 12% per annum is Rs. 270. The banker's discount is:
Options- A. 1315
- B. 1150
- C. 1020
- D. 980 Discuss
Correct Answer: 1020
Explanation:
T.D. =(B.G*100)/(R*T)=Rs(270*100)/(12*3) = Rs. 750.
B.D. = Rs.(750 + 270) = Rs. 1020.
- 10. The B.G. on a certain sum 4 years hence at 5% is Rs. 200. What is the present worth?
Options- A. Rs. 4500
- B. Rs. 6000
- C. Rs. 5000
- D. Rs. 4000 Discuss
Correct Answer: Rs. 5000
Explanation:
T = 4 years
R = 5%
Banker's Gain, BG = Rs.200
=>PW = Rs.5000
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