If a bill of Rs. 30000 is discounted at 5% for 6 months, what is the Banker's Di

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Question: If a bill of Rs. 30000 is discounted at 5% for 6 months, what is the Banker\'s Discount?

Options:

Correct Answer: Rs. 750

Solution:

Banker\'s Discount = (30000 * 5 * 6/12) / 100 = Rs. 750

If a bill of Rs. 30000 is discounted at 5% for 6 months, what is the Banker's Discount?

If a bill of Rs. 30000 is discounted at 5% for 6 months, what is the Banker's Discount?

Step 1: Identify the total amount of the bill, which is Rs. 30000.
Step 2: Identify the discount rate, which is 5%.
Step 3: Identify the time period for the discount, which is 6 months.
Step 4: Convert the time period from months to years. Since 6 months is half a year, it is 6/12 years.
Step 5: Use the formula for Banker's Discount: Banker's Discount = (Bill Amount * Discount Rate * Time in Years) / 100.
Step 6: Substitute the values into the formula: Banker's Discount = (30000 * 5 * 6/12) / 100.
Step 7: Calculate the time in years: 6/12 = 0.5.
Step 8: Now calculate: Banker's Discount = (30000 * 5 * 0.5) / 100.
Step 9: Multiply: 30000 * 5 = 150000.
Step 10: Then multiply: 150000 * 0.5 = 75000.
Step 11: Finally, divide by 100: 75000 / 100 = 750.
Step 12: Therefore, the Banker's Discount is Rs. 750.

Banker's Discount – Banker's Discount is the interest calculated on the face value of a bill for the time period until its maturity.
Discount Calculation – Understanding how to calculate the discount based on the principal amount, rate, and time.