Question: If the Banker\'s Discount on a loan of $10000 for 1 year at 10% is $1000, what is the total amount to be paid back?
Options:
$9000
$10000
$11000
$12000
Correct Answer: $11000
Solution:
Total amount = Principal + Banker\'s Discount = 10000 + 1000 = $11000.
If the Banker's Discount on a loan of $10000 for 1 year at 10% is $1000, what is
Practice Questions
Q1
If the Banker's Discount on a loan of $10000 for 1 year at 10% is $1000, what is the total amount to be paid back?
$9000
$10000
$11000
$12000
Questions & Step-by-Step Solutions
If the Banker's Discount on a loan of $10000 for 1 year at 10% is $1000, what is the total amount to be paid back?
Banker's Discount – The Banker's Discount is the interest calculated on the face value of a loan for the entire term, rather than the actual amount received by the borrower.
Total Amount Calculation – The total amount to be paid back includes both the principal and the Banker's Discount.
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