Banker's Discount

Banker's Discount

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Aptitude miscellaneous
  1. A banker's paid 5767.50 for a bill of Rs. 5840, drawn on April 4 at 6 months. On what day was the bill discounted the rate of interest being 7% ?








  1. View Hint View Answer Discuss in Forum

    B.D. = Rs. (5840 - 5767.20) = Rs. 72.80
    Rs. 72.80 is S.I. on Rs. 5840 at 7%
    So, Unexpired time = (100 x 72.80) / (7 x 5840) = 13/73 years = 65 days.
    Now, date of draw o bill = April, 4 at 6 months.
    Nominally due date = October 4.
    Legally due date = October 7
    So, we must go back 65 days from October 7.

    Correct Option: A

    B.D. = Rs. (5840 - 5767.20) = Rs. 72.80
    Rs. 72.80 is S.I. on Rs. 5840 at 7%
    So, Unexpired time = (100 x 72.80) / (7 x 5840) = 13/73 years = 65 days.
    Now, date of draw o bill = April, 4 at 6 months.
    Nominally due date = October 4.
    Legally due date = October 7
    So, we must go back 65 days from October 7.
    Oct., sept., Aug. = 7 + 30 + 28
    i.e., The bill was discounted on 3rd August.

  1. What rate percent does a man get for his money when in discounting a bill due 10 months hence he deducts 4% of the amount of the bill ?








  1. View Hint View Answer Discuss in Forum

    Let the amount of bill be Rs. 100
    Money deducted = Rs. 4
    Money receive by holder of the bill = Rs. (100 - 4) = Rs. 96
    S.I. on Rs. 96 for 10 months = Rs. 4

    Correct Option: A

    Let the amount of bill be Rs. 100
    Money deducted = Rs. 4
    Money receive by holder of the bill = Rs. (100 - 4) = Rs. 96
    S.I. on Rs. 96 for 10 months = Rs. 4
    Rate = [(100 x 4 x 6) / (96 x 5)] = 5%

  1. The banker's discount on Rs. 1600 at 6% is the same as the true discount on Rs. 1624 for the same time and at the same rate. Find the time ?








  1. View Hint View Answer Discuss in Forum

    S.I. on Rs. 1600 is P.W. of Rs. 1624
    i.e. Rs. 24 is the S.I. on Rs. 1600 at 6%

    Correct Option: A

    S.I. on Rs. 1600 is P.W. of Rs. 1624
    i.e. Rs. 24 is the S.I. on Rs. 1600 at 6%
    ∴ Time = (100 x 24) / (1600 x 6) = 1/4 year = 3 months

  1. The banker's discount and the true discount on a sum of money due 8 months hence are Rs. 52 and Rs. 50, respectively. Find the sum and the rate percent ?








  1. View Hint View Answer Discuss in Forum

    Sum = (B.D. x T.D.) / (B.D - T.D.) = (52 x 50) / 2 = Rs. 1300
    Since B.D. is S.I. on sum due, so S.I. on Rs. 1300 for 8 months is Rs. 52 consequently.

    Correct Option: A

    Sum = (B.D. x T.D.) / (B.D - T.D.) = (52 x 50) / 2 = Rs. 1300
    Since B.D. is S.I. on sum due, so S.I. on Rs. 1300 for 8 months is Rs. 52 consequently.
    Rate = [(100 x 52)] / [1300 x (2/3)] % = 6%

  1. The true discount on a bill of Rs. 540 is Rs. 90. The banker's discount is ?








  1. View Hint View Answer Discuss in Forum

    P.W. = Rs. (540 - 90) = Rs. 450
    S.I. on Rs. 450 = Rs. 90
    B.D. = S.I. on Rs. 540

    Correct Option: C

    P.W. = Rs. (540 - 90) = Rs. 450
    S.I. on Rs. 450 = Rs. 90
    B.D. = S.I. on Rs. 540
    = Rs. (90/450) x 540 = Rs. 108