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4. What is the amount of $241,20 for 6 mo. 20 da. ?-25058. For 1 mo. 1 da. -242653. For 1 yr. 4 mo. 5 da.?-263946. For 2 2 yrs.
mo. 25 da. ?-284582. A. $1041,761 +.
9 LXV. Since 6 per cent. is $6 on $100, that is, T&o of the principal, and 5 per cent. 16o, &c., hence,
To calculate the interest at any rate per cent., when the time is 1 year, we proceed as follows:
RULE. Multiply by the given rate, and cut off two figures, as before. 1. What is the interest of
$ 19,83 6 0 Ans. 2. What is the interest of $1200,30 for 1 yr., at 124 per cent.? A. $150,03,7.
3. What is the amount of $80,10 for 1 yr. at 2 per cent. ?82102. At 5 per cent. ?-84105. At 10 per cent. ?-8811. At 4 per cent. ?-83704. At 194 per cent. ?-95919.
A. $433,94 too
ILXVI. COMMISSION. Q. When an allowance of so much
per cent is made to a person called either a correspondent, factor, or broker, for buying, or assisting in buying and selling goods for his employer, what is it called ?
Q. Since commission, insurance, buying and selling stocks, and loss and gain, are rated at so much per cent., without regard to time, how may all these be calculated ?
A. Multiply by the rate per cent., and cut off two figures, as in the last rule.
1. What would you demand for selling $400 worth of cotton, for 21 per cent. cornmission ?
$40 X 21, and cutting off two figures,=$10, commission, Ans. 2. My correspondent informs me that he has purchased goods to the amount of $5000; what will his commission amount to, at 24 per cent.? A. $125.
3. What must I be allowed for selling 300 pounds of indigo,
at $2,50 per lb., for 2 per cent. commission ?-15. For 24 per cent. ?-20625. For 5 per cent. ?-3750. For 65 per cent. ?-4875 For 7 per cent. :-5250. A. $174,37).
INSURANCE. Q. What is the allowance of so much per cent made to persons, to make good the losses sustained by fire, storms, &c., called ?
Q. By what name is the instrument that binds the contracting par ties called ?
1. What will be the premium for insuring an East India ship, valued at $25000, at 15, per cent. ? A. $3875.
2. What is the premium for insuring $2600, at 20 per cent. ?-520. At 30 per cent. ?-780. At 183 per cent. ?-481. 263 per cent. ?-689. A $2470.
STOCK. Q. What is the general name for all moneys invested in trading companies, or the funds of government, called?
A. When $100 stock sells for more than $100, it is said to be above par ; when for less than 100, below par.
Q. When it is above par, what is it said to be ?
1. What is the value of $2500 of stock, at 106 per cent. ; that is, 6 per cent. advance ? A. $2500 x 106 =$2650.
2. What is the value of $1000 of insurance stock, at 95 per cent. ; that is, 5 per cent. below par? A. $950, 3. What is the value of $1200 of bank stock, at 3 per
cent. below par; that is, 97 per cent. ?-1164. At 112 per cent., or 12 per cent. adyance ?-1344. At 87} per cent. ?-1050. Át 121 per cent. advance; that is, 1123 per cent. ?-1350. A. $4908,
LOSS AND GAIN. 1. Bought a piece of broadcloth for $80; how much must I sell it for, to gain 10 per cent. ; that is, 10 per cent. advance, which is 110 per cent. on the cost? $80 x 110=$88, Ans.
2. Bought a hogshead of molasses for $50, and, 5 gallons having leaked out, I sold the remainder at 10 per cent. loss, that is, 10 per cent. below par, being 90 per cent. on the cost; what did I get for it? A. $45.
3. If I pay $50 for a piece of broadcloth, how must I sell the same so as to gain 20 per cent.; that is, 20 per cent. advance, or 120 per cent. on the cost ?
Á. $60. 4. Bought rum at $1,25 per gallon ; and, by accident, so much leaked out, that I am content to lose 20 per cent.; how must I sell it per gallon ? A. $1.
5. A merchant bought 400 barrels of flour for $3500; how must he sell it per barrel, to gain 25 per cent.? A. $10,931.
6. Bought sugar at 15 cents per lb.; at what rate must I sell it a lb. so as to gain 20 per cent. ?-18. So as to gain 25 per cent. ?-1875. 30 per cent. ?-195. 40 per cent. ?-21. 45 per cent. ?-2175. 50 per cent. ?-225,
65 per cent. ?-2475. *75 per cent. ?-2625.
90 per cent. ?-285. 100 per cent., or to double my money?-30. A. $2,31.
7. Bought 100 tierces of rice, each tierce weighing 300 lbs. net, at 64 cents per lb.-1875 ; 30 pipes of wine for $1,12; per gallon-425250; hhds. of rum for 90 cents per gallon-17010; 10 barrels of flour for $7} per barrel-300; and 20 bushels of salt for 7 s. 6 d. or $1,25 per bushel–50 : how much must all the said articles be sold for, to gain 50 per cent., being 150 per cent. on the first cost ? A. $9971,40.
I LXVII. TIME, RATE PER CENT., AND AMOUNT
GIVEN, TO FIND THE PRINCIPAL. 1. What sum of ready money, put at interest for 1
yr. at 6 per cent., will amount to $220 ?
The amount of $1 for 1 year and 8 mo. 18 $1,10; then, $220 • $1,10 = $200, Ans.
RULE. . Q: How, then, would you proceed, to find the principal ?
A. Divide the given amount by the amount of $1 at the given rate and time.
2. What principal, at 6 per cent., in 5 years, will amount to $650 ?
In this example, in dividing $650 by $1,30, we annex two ciphers to 500, to make the decimal places in the divisor and dividend equal. (See IT LVI.)
3. What principal, at 6 per cent., in 1 year 2 will amount to $642? A. $600.
4. What principal will amount to $691,50 in 2 yrs. 6 mo. 15 da., at 6 per cent. ?
A. $600. 5. A correspondent has in his hands $210, to be laid out in goods; after deducting his own commission of 5 per cent., how much will remain to be laid out?
It is evident, that the commission which he received, added to the money laid out, must make $210; hence $210 may be considered the amount, and the money laid out the principal; consequently, the question does not differ materially from the foregoing. In such questions as these, in which time is not regarded, the amount of $1 is the rate per cent, added to $1.
It will be recollected, that 6 per cent. is 6 cents on 100 cents, or $1; 5 per cent., 5 cents; the amount, then, of $1, at 5 per cent., is 5 ccrics added to $1, making $1,05; then, $210 = $1,05 = $200, Ans.
6. A factor receives $1040 to be laid out in goods, after deducting his own commission of 4 per cent.; how much does his commission amount to?
The sum laid out, found as before, is $1000; then, 1040 — 1000=$40, commission, the Answer.
7. A factor receives $2100, from which he wishes to deưuct his commission of 5 per cent.; what will his commission amount to? A. $100.
DISCOUNT. 1. William owes Rufus $1272, to be paid in I year, without interest; but Rufus, wanting his money immediately, says to William, I am willing to allow
per cent., the lawful interest, if you will pay me now; what sum ought William to pay Rufus ?
It is evident that he ought to pay just such a sum as, put at interest, would, in 1 year, amount to $1272; or, in other words, such a principal as would amount to $1272. This question, therefore, is solved in the same manner as the preceding. $1272 = $1,06 --- $1200, the Ans.
Q. What is an allowance made for the payment of a sum of money before it becomes due, called ?
Q. What is the sum called, which, put at interest, would, in the given time and rate, amount to the given sum or debt ?
A. The present worth.
Ă. The interest of its present worth for the same time.
Q. As operations in discount are substantially the same as in the preceding paragraph, what is the rule, which was there given, that is applicable to discount?
RULE. A. Divide the given sum, or debt, by the amount of $1, at the given rate and time; the quotient will be the present worth.
Q. How is the discount found ?
A. By subtracting the present worth from the given sum or debt.
Note. It will be recollected that, when no per cent. is mentioned, 6 per cent. is understood.
2. What is the present worth of $133,20, due 1 yr. 10 mo. hence ? A. $120.
PROOF. 3. What is the amount of $120 for 1 yr. 10 mo.? (Perform this example by the rule for calculating interest.)
A. $133,20. 4. What is the discount of $660, due 1 yr. 8 mo. hence?
A. $60. PROOF. 5. What is the interest of $600 for 1 yr.
A. $60. 6. What is the discount of $460, due 2 yrs. 6 mo. hence ?
A. $60. 7. What is the present worth of $1350, due 5 yrs. 10 mo. hence ? A. $1000.
8. Bought goods to the amount of $520, on 8 mo. credit; how much ready money ought I to pay as an equivalent ? A. $500.
9. Bought goods in Boston, arnounting to $1854, for which I gave my note for 8 mo.; but, being desirous of taking it up at the expiration of two months, what sum does justice require me to pay ? A. $1800. 10. What is the discount of $615, due 5 mo. hence?
A. $15. 11. What is the present worth of $1260, due 10 mo. hence ?
A. $1200. 12. What is the present worth of $1272, due 2 yrs. hence, discounting at 3 per cent.? A. $1200."
13. What is the present worth of $51,50, due 6 mo. hence ?50. Of $204, due 4 mo. hence ?-200. Of $13000, due yrs. hence ?-10000. Of $9440, due 3 yrs. hence ?-8000.
A. $18250. 14. What is the present worth of $515, due 6 mo. hence ?500. Due 1 yr. hence ?-485849. Due 15 mo. hence ?-479069. Due 20 mo. hence ?-468181. Due 4 yrs. hence ?-415322.
A. $2348,421 +.