Lexic.us

Definition of Bank discount

1. Noun. Interest on an annual basis deducted in advance on a loan.

Lexicographical Neighbors of Bank Discount

Literary usage of Bank discount

Below you will find example usage of this term as found in modern and/or classical literature:

1. Introduction to The National Arithmetic: On the Inductive System Combining by Benjamin Greenleaf (1874)
"To find the bank discount and the present worth of a note. Ex. 1. What is the bank discount on $ 842 for 90 days, at 6 per cent . ..."

2. Introduction to The National Arithmetic: On the Inductive System Combining by Benjamin Greenleaf (1866)
"The Legal Rate of Discount is usually the same as the legal rate of interest; and the difference between bank discount and true discount is the same as the ..."

3. Higher Arithmetic by James Bates Thomson (1863)
"bank discount. 431. A Bank, in commerce, is an institution established for the safe keeping and issue of money, for discounting notes, dealing in exchange, ..."

4. University Arithmetic: Embracing the Science of Numbers, and General Rules by Charles Davies (1876)
"bank discount. 289. bank discount is the deduction made by a bank from the face of a note due at a future time. bank discount, by custom, ..."

5. Judicial and Statutory Definitions of Words and Phrases by West Publishing Company (1904)
"bank discount is simple interest paid in advance and received, not on tha sum advanced 1n the purchase, but on the amount of the note or bill." Eastin v. ..."

6. Arithmetic by Jacob William Albert Young, Lambert Lincoln Jackson (1905)
"bank discount. If a holder of a promissory note desires to use the money promised before the time of payment, a bank will advance him the money, ..."

7. Mathematics of Finance by Henry Lewis Rietz, Arthur Robert Crathorne, J. Charles Rietz (1921)
"... solutions of certain problems of actuarial science * even when interest is converted annually. 25. bank discount. When a merchant seeks payment ..."

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