347. Written Exercises.

1. Three-months note; face, $108; rate, 6%. Find proceeds.

2. 90-days note; face, $360; discount, $6.51. Find rate. 3. Proceeds, $717.60; rate, 5%; face, $720. Find term. 4. Discount, $11.20; rate, 7%; term, 48 days. Find face. 5. 15-days note; face, $1560; rate, 6%. Find discount. 6. Term, 20 days; face, $158.40; proceeds, $157.96. Find rate.

7. Rate, 7%; discount, $2.10; face, $150.

Find term.

8. Two-months note; discount, $14.70; rate, 7%. Find face.

9. For what amount must a 60-days note be drawn so that the proceeds will be $300 when the rate of discount is 8 per cent?

10. A note for $120 was discounted at a bank March 15, 1905. What is the date of the maturity of the note, the proceeds being $119.52 and the rate of discount 6 per cent?

11. Find the proceeds of a 6-months note for $875 drawn Jan. 2, 1906, and discounted at 6 per cent 35 days after that date.

12. A merchant bought 300 barrels of flour at $4.75 per barrel, cash, and sold it for $5 per barrel, taking in payment a 60-days note for the amount. If he has the note discounted immediately at a bank, at 7 per cent, what does he gain by the transaction?

13. What will be the face of a 30-days note, the proceeds of which when discounted at a bank at 6% will pay for 3000 bushels corn at 493 per bushel ?

14. The proceeds of a note for $1200, due March 15, 1904, and discounted at 6%, were $1184.80. When was it discounted?

INTEREST BY ALIQUOT PARTS.

348. Written Exercises.

1. Find the interest on $387.45, for 2 yr. 8 mo. 18 da.,

2. Find the interest on $432.90, at 6%, for 1 yr. 7 mo.

3. Find the amount of $874.16, at 5%, for 1 yr. 9 mo.

4. What is the amount of $95.72, for 3 yr. 6 mo. 20 da.,

5. Interest of $1806.45, at 4%, for 1 yr. 7 mo. 25 da.

1 yr., 6 mo., 1 mo., 15 da., 5 da., 5 da.

6. Interest for 10 mo. 29 da., at 4%, on $380.40.

7. Amount, at 6%, of $125.73, for 2 yr. 10 mo. 4 da.

8. Interest on $84.66, at 7%, for 1 yr. 4 mo. 12 da.

9. Interest, at 5%, for 4 yr. 2 mo. 7 da., on $250.

10. Amount of $1000, at 6%, for 33 days.

349. When the time is less than a year, the following facts should be remembered:

6% for a year is 1 per cent for 60 days.
5% for a year is 1 per cent for 72 days.
41% for a year is 1 per cent for? days.
4% for a year is 1 per cent for? days.

11. Find the interest for 81 days, at 5%, on $876.40.

Since 5% for a year is 1% for 72 days, we have :

72 days' interest is 1% of principal, or $8.764

9 days' interest is of 72 days, or

1.095

$9.86

interest for 81 days.

12. Amount of $954, at 4%, for 4 mo. 10 da.

13. Interest of $1874, at 41%, for 93 da.

80 days = 1%

10 days

2 days

1 day

14. Interest of $753.20, at 5%, for 158 days.

72 da., 72 da., 12 da., 2 da.

15. Amount of $1234.50, for 193 days, at 6%. 60 da., 120 da., 12 da., 1 da.

16. Find the proceeds of a 90-days note, for $873.60, at 6%.

Face $873.60

17. Find the discount on a 3-months note, for $1596, at 6%.

18. What are the proceeds of a 6-months note, for $785, discounted at 6%.

19. Find the interest on $484.40, for 1 yr. 3 mo. 17 da., at 7%.

20. Find the amount of $683, for 3 yr. 4 mo. 11 da., at 41%.

21. Principal, $360; 5%; 3 yr. 7 mo. 18 da. Interest? 22. Principal, $ 613; 41%; 157 da. Amount ?

23. Principal, $1774; 33%; 17 mo. 23 da. Interest? 24. Principal, $875; 6%; 2 yr. 3 mo. 1 da. Amount?

25. Principal, $976; 7%; 325 da. Interest?

351. By the time of a note is meant the number of days, etc., for which it is drawn. In these four examples the note is discounted the day it is made.

26. Face of note, $ 254; time, 30 days; 7%. Proceeds? 27. Face of note, $515; time, 6 months; 5%. Discount?

28. Face of note, $493; time, 60 days; 8%. Proceeds? 29. Face of note, $717; time, 15 days; 61%. Discount?

352. Find the exact number of days. Take 360 days to year.

30. Principal, $1836.50; 6%; Jan. 2 to Dec. 1. Amount? 31. Principal, $1295.70; 7%; March 8 to April 9. Interest?

32. Principal, $ 765.90; 4%; Oct. 1 to Dec. 17. Interest? 33. Principal, $275.84; 51%; May 9 to July 3. Amount?

353. By the term of a note is meant the number of days it has to run after it has been discounted.

34. Face of note, $100; term, 60 days; 7%. 35. Face of note, $200; term, 90 days; 61%. 36. Face of note, $300; term, 24 days; 51%. 37. Face of note, $400; term, 117 days; 8%.

Discount?

Proceeds?
Discount?
Proceeds?

354. In examples 38-41, inclusive, find the time by compound subtraction.

38. Principal, $25.83; 6%; Jan. 14, 1902, to Sept. 5, 1904. Interest?

39. Principal, $47.96; 5%; Feb. 6, 1903, to Aug. 1, 1906. Amount?

40. Principal, $ 85.30; 7%; March 25, 1904, to Jan. 13, 1907. Interest?

41. Principal, $75; 4%; April 15, 1900, to Feb. 6, 1907. Amount?