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What is the Banker's Discount on a loan of $10000 for 2 years at 5% per annum?

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Question: What is the Banker\'s Discount on a loan of $10000 for 2 years at 5% per annum?

Options:

  1. $1000
  2. $500
  3. $2000
  4. $300

Correct Answer: $1000

Solution: 

Banker\'s Discount = 10000 × 5/100 × 2 = $1000.

What is the Banker's Discount on a loan of $10000 for 2 years at 5% per annum?

Practice Questions

Q1
What is the Banker's Discount on a loan of $10000 for 2 years at 5% per annum?
  1. $1000
  2. $500
  3. $2000
  4. $300

Questions & Step-by-Step Solutions

What is the Banker's Discount on a loan of $10000 for 2 years at 5% per annum?
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