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If the Banker's Discount on a bill of Rs. 8000 due in 6 months at 12% per annum

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Question: If the Banker\'s Discount on a bill of Rs. 8000 due in 6 months at 12% per annum is Rs. 480, what is the actual amount received?

Options:

  1. Rs. 7520
  2. Rs. 8000
  3. Rs. 7520
  4. Rs. 7520

Correct Answer: Rs. 7520

Solution: 

Actual Amount = Face Value - Banker\'s Discount = 8000 - 480 = Rs. 7520

If the Banker's Discount on a bill of Rs. 8000 due in 6 months at 12% per annum

Practice Questions

Q1
If the Banker's Discount on a bill of Rs. 8000 due in 6 months at 12% per annum is Rs. 480, what is the actual amount received?
  1. Rs. 7520
  2. Rs. 8000
  3. Rs. 7520
  4. Rs. 7520

Questions & Step-by-Step Solutions

If the Banker's Discount on a bill of Rs. 8000 due in 6 months at 12% per annum is Rs. 480, what is the actual amount received?
  • Banker's Discount – The Banker's Discount is the interest deducted by the bank on the face value of a bill before it is discounted.
  • Face Value – The face value is the nominal value of the bill, which is the amount due at maturity.
  • Actual Amount Received – The actual amount received is the face value minus the banker's discount.
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