Discussion
A bill for Rs. 3000 is drawn on 14thJuly at 5 months. It is discounted on 5th October at 10%. What is the Banker’s Discount?
Answer: A
F = Rs. 3000 R = 10%
Date on which the bill is drawn = 14th July at 5 months
Nominally Due Date = 14th December
Legally Due Date = 14th December + 3 days = 17th December
Date on which the bill is discounted = 5th October
Unexpired Time = [6th to 31st of October] + [30 Days in November] + [1st to 17th of December]
= 26 + 30 + 17
= 73 Days =73/365 year=15 year
BD = Simple Interest on the face value of the bill for unexpired time = FTR/ 100 = (3000*1/5*10)/100 = 30*1/5*10 = Rs. 60
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