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What is the Banker's Discount on a bill of $2500 due in 9 months at a rate of 8%
What is the Banker's Discount on a bill of $2500 due in 9 months at a rate of 8%?
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Practice Questions
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Q1
What is the Banker's Discount on a bill of $2500 due in 9 months at a rate of 8%?
$150
$120
$100
$180
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Banker's Discount = (2500 x 8 x 9/12) / 100 = $150
Questions & Step-by-step Solutions
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Q
Q: What is the Banker's Discount on a bill of $2500 due in 9 months at a rate of 8%?
Solution:
Banker's Discount = (2500 x 8 x 9/12) / 100 = $150
Steps: 9
Show Steps
Step 1: Identify the amount of the bill, which is $2500.
Step 2: Identify the time until the bill is due, which is 9 months.
Step 3: Identify the interest rate, which is 8%.
Step 4: Convert the time from months to years by dividing 9 months by 12. This gives you 0.75 years.
Step 5: Use the formula for Banker's Discount: Banker's Discount = (Amount x Rate x Time) / 100.
Step 6: Plug in the values: Banker's Discount = (2500 x 8 x 0.75) / 100.
Step 7: Calculate the multiplication: 2500 x 8 = 20000, then 20000 x 0.75 = 15000.
Step 8: Divide by 100: 15000 / 100 = 150.
Step 9: The Banker's Discount is $150.
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