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A bill of Rs. 12000 is discounted at 12% per annum for 9 months. What is the ban
A bill of Rs. 12000 is discounted at 12% per annum for 9 months. What is the bankers' discount?
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Practice Questions
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Q1
A bill of Rs. 12000 is discounted at 12% per annum for 9 months. What is the bankers' discount?
Rs. 900
Rs. 1200
Rs. 1000
Rs. 800
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Bankers' Discount = (12000 × 12 × 0.75) / 100 = Rs. 900.
Questions & Step-by-step Solutions
1 item
Q
Q: A bill of Rs. 12000 is discounted at 12% per annum for 9 months. What is the bankers' discount?
Solution:
Bankers' Discount = (12000 × 12 × 0.75) / 100 = Rs. 900.
Steps: 9
Show Steps
Step 1: Understand that the bill amount is Rs. 12000.
Step 2: Know that the discount rate is 12% per annum.
Step 3: Convert the time period of 9 months into years. Since there are 12 months in a year, 9 months is equal to 9/12 = 0.75 years.
Step 4: Use the formula for Bankers' Discount, which is: Bankers' Discount = (Bill Amount × Rate × Time) / 100.
Step 5: Substitute the values into the formula: Bankers' Discount = (12000 × 12 × 0.75) / 100.
Step 6: Calculate the multiplication: 12000 × 12 = 144000.
Step 7: Now multiply 144000 by 0.75: 144000 × 0.75 = 108000.
Step 8: Finally, divide 108000 by 100 to find the Bankers' Discount: 108000 / 100 = 900.
Step 9: Therefore, the Bankers' Discount is Rs. 900.
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