4. Find the discount, at 6%, on a note for $300, that has 48 days to run.

5. What will be the cost of 84 yards of muslin at 49¢ a yard? 6. Two men hire a pasture for $84. One puts in twice as many head of cattle as the other. What should each pay?

BILLS OF EXCHANGE.

Exchange for £ 180 17s. 6d.

NEW YORK, Dec. 14, 1895.

Sixty days after sight of this First of Exchange (Second unpaid), pay to the order of John W. Moran & Bro., One Hundred Eighty pounds sterling, seventeen shillings, six pence,

Value received, and charge the same to account of

To JAMES LENNON & Co.,

London.

No. 39.

1005. Slate Exercises.

PETER COMERFORD & SON.

1. Find the cost of the above bill at $4.87 per £.

2. What would be the cost of a cable transfer of £251 11s. 9d., at $4.88 per £?

=

£250 $1,221.25 of £1,000

The newspapers give quotations of foreign exchange for sight and 60-day

bills, also for cable transfers.

1006. The New York quotations for French exchange give the number of francs for $1.

Paris cable transfers

5.16 @5.15.

1007. The quotations for German exchange give the value in U.S. money of 4 Reichmarks (or marks).

3. Find the cost of a sight bill on Paris for 1,000 francs, at 5.16 francs for $1.

4. Find the cost of a 60-days bill of exchange on Berlin for 1,874.35 marks, at 954 for 4 marks.

5. What will be the face in marks of a sight bill of exchange on Berlin that can be bought for $1,000, at 95 for 4 marks?

6. A New York merchant pays $1,637.50 for a 60-days bill on Paris. What is the face of the bill, the rate of exchange being 5.18 francs for $1?

7. At $4.88 per £, what will be the face of the sight bill on London that can be bought for $1,500?

8. Bought goods in London amounting to £437 5s. 10d. less 4%. How much will I have to pay in Boston for a sight bill of exchange at $4.881, to settle the account?

9. What will be the cost in Chicago for a 60-day bill on Paris, that will pay for the following articles? Rate, 1 franc = 191¢. 18 pieces silk, 44 meters each, at 25 francs per meter, less 71%. 8 pieces of cloth, 50 meters each, at 20 francs per meter, less 5%. Packing charges, 60.50 francs.

10. I wish to send a sight bill of exchange on Berlin in payment of the following invoice:

4 cases musical instruments amounting to 3,598.60 marks, less 10, 5, and 21%.

Freight to Hamburg, 165 kilos, at 4.80 marks per kilo.

At 953 for 4 marks, what will be the cost of the bill of exchange?

CHAPTER XIII.

PARTIAL PAYMENTS.-RATIO AND PROPORTION.-SQUARE

ROOT.-SURFACES AND VOLUMES.

PARTIAL PAYMENTS.

1008. U.S. Rule.

DULUTH, MINN., Jan. 5, 1889.

On demand, I promise to pay to the order of Owen McGee Three Hundred Dollars, value received, with interest at 7 per

cent.

$300,00

J. RANDOLPH Page.

Endorsements: May 20, 1889, $100; Oct. 30, 1889, $100; March 6, 1890, $50.

How much was due Jan. 5, 1891?

Find amount of $300 Jan. 5, 1889, to first payment May 20, 1889, 4 mo. 15 da. (by compound subtraction).

Deduct first payment,

Balance May 20, 1889,

Interest on $207.88 to Oct. 30, 5 mo. 10 da.,

Amount,

Less second payment,

Balance Oct. 30, 1889,

Interest on $114.35 Oct. 30 to March 6, 4 mo. 6 da.,

Amount,

Less third payment,

Balance March 6, 1890,

Interest on $67.15 March 6 to Jan. 5, 9 mo. 29 da.,

Due Jan. 5, 1891,

$307.88

100.00

$207.88

6.47

$214.35

100.00

$114.35

2.80

$117.15

50.00

$67.15

3.90

$71.05

1009. Slate Exercises.

NOTE. Find time by compound subtraction.

1. How much is due June 3, 1896, on a demand note for $1,200, with interest at 6%, dated June 3, 1893, bearing endorsements of payment of $500, Sept. 18, 1894; $600, Jan. 3, 1895?

2. A demand note for $600, bearing interest at 5%, was given Feb. 18, 1892. A payment of $250 was made May 28, 1893; one of $150 was made Oct. 8, 1893. How much is due Jan. 23, 1895?

3. Note for $2,000; interest, 7%; dated April 15, 1891. Endorsements: $50, Sept. 20, 1891; $100, May 26, 1892; $1,000, June 20, 1893. How much is due Dec. 27, 1894?

1010. Face of note,

Interest from April 15 to Sept. 20, 1891, 5 mo. 5 da.,
Amount due Sept. 20, 1891,

If the $50 payment were deducted, and interest computed on the balance, $2,010.27, the maker would be charged interest on $10.27 more than the face of the note, and this the law does not allow. Interest is taken on $2,000 until next payment, May 26, 1892, 8 mo. 6 da.,

Amount due May 26, 1892,

As the two payments are not large enough to meet the interest now due, the interest is again calculated on the original $2,000 from May 26, 1892, to June 20, 1893, 1 yr. 24 da.,

Amount,

Less $50 + $100 + $1,000 (three payments),

Balance due June 20, 1893,

Interest on $1,155.26 to Dec. 27, 1894, 1 yr. 6 mo. 7 da.,
Due Dec. 27, 1894,

$2,000.00

60.28 $2,060.28

95.67 $2,155.95

149.33 $2,305.28

1,150.00

$1,155.28

122.87

$1,278.15

1011. By the United States rule for partial payments, the amount of the principal is found to the time when the payment, or the sum of two or more payments, equals or exceeds the interest. From this amount deduct the payment or sum of payments. Use the balance then due as a new principal, and proceed as before.