How to become a Lightning Calculator by Anonymous is part of the HackerNoon Books Series. You can jump to any chapter in this book . Bank Discount. here Bank Discount. The sum charged by a bank for cashing a note or time draft is called bank discount. This is the simple interest, paid in advance, for the number of days the note has to run. Wholesale business houses usually sell goods on time and take notes from the retailers in payment. These notes are not often for a longer period than three months. Some are placed in the banks for , others are discounted. When a note is discounted at a bank the endorses it, making it payable to the bank. Both maker and payee are then responsible to the bank for its payment. If the note is drawing interest the discount is reckoned on and deducted from the amount due at maturity. Most notes discounted at banks do not draw interest. The time in bank discount is always the number of days from the to the . discount collection payee date of discounting date of maturity Example. A note of $250, dated July 7th, payable in 60 days, is discounted July 7th, at 6 per cent.; find the proceeds. This note is due in 63 days, or September 8th. The accurate interest of $250 for 63 days at 6 per cent. is $2.59. The proceeds, then, will be $250 - $2.59, or $247.41. About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books. This book is part of the public domain. Anonymous (2021). How to become a lightning calculator. Urbana, Illinois: Project Gutenberg. Retrieved https://www.gutenberg.org/cache/epub/65078/pg65078-images.html This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at , located at . www.gutenberg.org https://www.gutenberg.org/policy/license.html

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