Banker's Discount Practice Test 1

Question : 12 of 40

Marks: +1, -0

Harshit purchased a bag for Rs 1,850 in cash and sold it to Puneet for Rs 1,957 at a credit of 6 months. If the rate of interest is 6% p.a., then a Harshit has:

a gain of Rs 42
a gain of Rs 50
a loss of Rs 47
a loss of Rs 50
No profit or loss

Validate

Solution:

Cost price of the bag = Rs 1,850
Selling price of the bag = PW of Rs 1,957 due
6 months hence,

={100×1957}/{100+(6×6/12)}

=195700/103

= Rs 1,900
∴ Harshit’s gain = 1,900 - 1,850 = Rs 50

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