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A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?
- a)3rd March
- b)3rd September
- c)3rd October
- d)3rd August
Correct answer is option 'D'. Can you explain this answer?
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A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 mo...
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A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 mo...
Banker's Discount is a method used to calculate the amount of money a banker will pay for a bill before its maturity date. It takes into account the face value of the bill, the rate of interest, and the time remaining until maturity. In this question, we are given the Banker's Discount and asked to find out the day on which the bill was discounted.
Given:
Face value of the bill (FV) = Rs.5840
Banker's Discount (BD) = Rs.5767.20
Rate of interest (R) = 7%
Time (T) = 6 months
To calculate the Banker's Discount (BD), we can use the formula:
BD = (FV * R * T) / 100
Substituting the given values:
5767.20 = (5840 * 7 * 6) / 100
5767.20 = 2450.40
Therefore, the Banker's Discount is Rs.5767.20.
To find out the day on which the bill was discounted, we need to calculate the exact number of days between the date of the bill and the date on which it was discounted. Since the time period is 6 months, we can assume each month has 30 days for simplicity.
Now, let's calculate the number of days:
6 months = 6 * 30 = 180 days
Since the Banker's Discount is the interest paid in advance, the bill is discounted 180 days before its maturity date. To find out the exact day, we need to subtract 180 days from the maturity date.
The bill is drawn on April 4th. So, to find the day on which the bill was discounted, we subtract 180 days from April 4th.
April 4th - 180 days = August 7th
Hence, the bill was discounted on August 7th.
Given:
Face value of the bill (FV) = Rs.5840
Banker's Discount (BD) = Rs.5767.20
Rate of interest (R) = 7%
Time (T) = 6 months
To calculate the Banker's Discount (BD), we can use the formula:
BD = (FV * R * T) / 100
Substituting the given values:
5767.20 = (5840 * 7 * 6) / 100
5767.20 = 2450.40
Therefore, the Banker's Discount is Rs.5767.20.
To find out the day on which the bill was discounted, we need to calculate the exact number of days between the date of the bill and the date on which it was discounted. Since the time period is 6 months, we can assume each month has 30 days for simplicity.
Now, let's calculate the number of days:
6 months = 6 * 30 = 180 days
Since the Banker's Discount is the interest paid in advance, the bill is discounted 180 days before its maturity date. To find out the exact day, we need to subtract 180 days from the maturity date.
The bill is drawn on April 4th. So, to find the day on which the bill was discounted, we subtract 180 days from April 4th.
April 4th - 180 days = August 7th
Hence, the bill was discounted on August 7th.
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A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?a)3rd Marchb)3rd Septemberc)3rd Octoberd)3rd AugustCorrect answer is option 'D'. Can you explain this answer?
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A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?a)3rd Marchb)3rd Septemberc)3rd Octoberd)3rd AugustCorrect answer is option 'D'. Can you explain this answer? for LR 2024 is part of LR preparation. The Question and answers have been prepared according to the LR exam syllabus. Information about A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?a)3rd Marchb)3rd Septemberc)3rd Octoberd)3rd AugustCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for LR 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?a)3rd Marchb)3rd Septemberc)3rd Octoberd)3rd AugustCorrect answer is option 'D'. Can you explain this answer?.
A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?a)3rd Marchb)3rd Septemberc)3rd Octoberd)3rd AugustCorrect answer is option 'D'. Can you explain this answer? for LR 2024 is part of LR preparation. The Question and answers have been prepared according to the LR exam syllabus. Information about A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?a)3rd Marchb)3rd Septemberc)3rd Octoberd)3rd AugustCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for LR 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A banker paid Rs.5767.20 for a bill of Rs.5840, drawn of Apr 4 at 6 months. If the rate of interest was 7%, what was the day on which the bill was discounted?a)3rd Marchb)3rd Septemberc)3rd Octoberd)3rd AugustCorrect answer is option 'D'. Can you explain this answer?.
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