Advertisements
Advertisements
Question
A bill of ₹ 8,000 drawn on 5th January 2019 for 8 months was discounted for ₹ 7,680 on a certain date. Find the date on which it was discounted at 10% p.a.
Solution: Banker’s Discount
B.D.= F.V. − C.V. = 8,000 −7,680 = ₹ 320
Date of drawing = 5th January 2019
Period = 8 months
Nominal due date = `square`
Legal due date = `square`
B.D. = Interest on F.V. for n at 10% p.a.
∴ B.D. = `("F.V." xx "n"/365 xx "r")/100`
∴ 320 = `(8000 xx "n"/365 xx 10)/100`
∴ n = `square` days
| April | May | June | July | Aug | Sep | Total |
| 15 | 31 | 30 | 31 | 31 | `square` | `square` |
∴ Date of discounting is `square`
Solution
Banker’s Discount
B.D.= F.V. − C.V. = 8,000 −7,680 = ₹ 320
Date of drawing = 5th January 2019
Period = 8 months
Nominal due date = 5th September 2019
Legal due date = 8th September 2019
B.D. = Interest on F.V. for n at 10% p.a.
∴ B.D. = `("F.V." xx "n"/365 xx "r")/100`
∴ 320 = `(8000 xx "n"/365 xx 10)/100`
∴ n = 146 days
| April | May | June | July | Aug | Sep | Total |
| 15 | 31 | 30 | 31 | 31 | 8 | 146 |
∴ Date of discounting is 15th April 2019
APPEARS IN
RELATED QUESTIONS
True discount on the sum due 8 months hence at 12% p.a. is ₹ 560. Find the sum due and present worth of the bill.
The true discount on a sum is `3/8` of the sum due at 12% p.a. Find the period of the bill.
Find the true discount, banker’s discount and banker’s gain on a bill of ₹ 4,240 due 6 months hence at 9% p.a.
A bill of a certain sum drawn on 28th February 2007 for 8 months was encashed on 26th March 2007 for ₹ 10,992 at 14% p.a. Find the face value of the bill.
Choose the correct alternative.
P is the abbreviation of
When only one discount is given, then ______
Fill in the Blank.
A person who draws the bill is called _______.
The difference between the banker’s discount and true discount is called sum due.
State whether the following statement is True or False.
The banker’s discount is always lower than the true discount.
An article is marked at ₹ 800, a trader allows a discount of 2.5% and gains 20% on the cost. Find the cost price of the article.
The difference between true discount and banker’s discount on 6 months hence at 4% p.a. is ₹ 80. Find the true discount, banker’s discount and amount of the bill.
A bill of ₹ 4,800 was drawn on 9th March 2006 at 6 months and was discounted on 19th April 2006 for `6 1/4`% p.a. How much does the banker charge and how much does the holder receive?
A bill of ₹ 65,700 drawn on July 10 for 6 months was discounted for ₹ 65,160 at 5% p.a. On what day was the bill discounted?
The date on which the bill is drawn is called as ______
State whether the following statement is True or False:
If only one discount is given then List price = Invoice price
A bill was drawn on 14th April for ₹ 7,000 and was discounted on 6th July at 5% p.a. The Banker paid ₹ 6,930 for the bill. What is the legal due date
A wholesaler allows a 25% trade discount and a 5% cash discount. The net price of an article marked at ₹ 1,600 is ______.
The banker’s discount is also called true discount.
