7. In building a house, 350 joists 12 in. by 4 in. were used, which together amounted to 3,456 cu. ft. Find length of each. 8. If I buy 91 bu. of chestnuts at $43 a bu. and retail them at $.121 a pint, what is my whole gain? 9. If 14 acres of meadow yield 323 tons of hay, how much do 5 acres produce? Analyze. 900. Wm. Brown and Sons receive the following note in settlement of their account with Thomas Tierney: BOSTON, May 30, 1893. Thirty days after date, I promise to pay to the order of Wm. Brown and Sons, Three Hundred Fifty-Four 75 Dollars, value received, at the Park National Bank. $354,7%. 100 THOMAS TIERNEY. 901. This money is payable 33 days after May 30, 3 days of grace being allowed. If Wm. Brown and Sons desire to use the money at once, they may have the note discounted at a bank. In this case, the bank deducts from the face of the note ($354.75), the interest thereon for 33 days, and pays over the difference (proceeds). Face of note $354.75 Discount (Int. for 33 da.) 1.95 (at 6%) 902. Slate Exercises. Proceeds $352.80 Find the discount at 6% on the following, allowing 3 days of grace in each case. (See Appendix.) 1. A 30-days note for $75. 2. 15-days note for $183.60. Find the proceeds, at 7%, on 6. A 6-months note for $180. 7. A 3-months note for $36.90. 9. A 90-days note for $180. 10. A 72-days note for $1,000. 903. In computing the discount on a note, the banks ascertain the exact number of days. A 3-months note, dated February 1, is payable three days after May 1, which is May 4. The discount is taken for 27 +31 +30 +4 = 92 days. A 90days note of the same date is payable 93 days after February 1, which is May 5. The year, however, is considered to contain 360 days; the interest in the first case being taken for of a year, and in the latter for of a year. 360 Find the discount, at 6%, on 360 11. A 1-month note for $600, dated Feb. 6, 1894. (31) 360 12. A 2-months note for $240, dated July 17, 1894. (85.) 13. A 3-months note for $360, dated April 8, 1894. 14. A 4-months note for $84, dated Dec. 24, 1894. 15. A 6-months note for $172.60, dated March 4, 1895. 16. A 60-days note for $240, dated July 17, 1894. 17. A 90-days note for $360, dated April 8, 1894. 904. In each of the preceding examples, it has been assumed that the note has been presented for discount the day on which it was made. In some of the following examples, the notes are discounted at a later date, and the term of discount is to be ascertained; that is, the time between the date of discount and that of maturity (including the days of grace). The term of discount of a 30-days note dated May 1, and discounted May 19, is 15 days. 905. In the following examples, find (a) date of maturity; (b) term of discount; (c) discount; (d) proceeds: When the time is less than one year, ascertain the exact number of days. When greater than a year, find the time by compound subtraction, taking the month of 30 days. 1. $160; Jan. 2, 1893, to May 16, 1896; 41%. = 3 yr. 4 mo. 14 da. 31 yr. 31% yr. 87 yr. = 2. $342.18; April 5, 1895, to Sept. 30, 1895; 6%. Time, 178 days = 178 year. 3. $59.80; Feb. 24, 1896, to Dec. 24, 1896; 5%. (Leap year.) 4. $1,234.56; Aug. 3, 1890, to Jan. 1, 1896; 51%. 907. An Invoice (German). INVOICE. ELBERFELD, Dec. 16, 1892. For MESSRS. BROWN & JONES, New York, From HAUSELMANN & SCHMIDT. We send you, through MESSRS. VON DER OHE & MEYER, at Find the total number of yards of dress goods in the above case (1 meter = 39.37 inches), and the total cost in U. S. money (1 mark = 23.8 cents). |