My Learning Cart
?
Categories
Account

If the Banker's Discount on a sum of $5000 for 3 years at 12% per annum is calcu

₹0.0
Login to Download
  • 📥 Instant PDF Download
  • ♾ Lifetime Access
  • 🛡 Secure & Original Content

What’s inside this PDF?

Question: If the Banker\'s Discount on a sum of $5000 for 3 years at 12% per annum is calculated, what is the amount?

Options:

  1. $1800
  2. $1200
  3. $1500
  4. $2000

Correct Answer: $1200

Solution: 

Banker\'s Discount = 5000 × 12/100 × 3 = $1800.

If the Banker's Discount on a sum of $5000 for 3 years at 12% per annum is calcu

Practice Questions

Q1
If the Banker's Discount on a sum of $5000 for 3 years at 12% per annum is calculated, what is the amount?
  1. $1800
  2. $1200
  3. $1500
  4. $2000

Questions & Step-by-Step Solutions

If the Banker's Discount on a sum of $5000 for 3 years at 12% per annum is calculated, what is the amount?
  • Step 1: Identify the principal amount, which is $5000.
  • Step 2: Identify the rate of interest, which is 12% per annum.
  • Step 3: Identify the time period, which is 3 years.
  • Step 4: Calculate the interest for 3 years using the formula: Interest = Principal × Rate × Time.
  • Step 5: Substitute the values into the formula: Interest = 5000 × 12/100 × 3.
  • Step 6: Calculate the interest: 5000 × 0.12 × 3 = 1800.
  • Step 7: The Banker's Discount is $1800.
  • Banker's Discount – The Banker's Discount is the interest calculated on the face value of a sum for a certain period, typically used in the context of loans or financial instruments.
  • Simple Interest Calculation – The formula for calculating simple interest is I = P × r × t, where I is the interest, P is the principal amount, r is the rate of interest, and t is the time in years.
Soulshift Feedback ×

On a scale of 0–10, how likely are you to recommend The Soulshift Academy?

Not likely Very likely
Home Practice Performance eBooks