2. What is the commission on £1320, at 5 per cent.? Ans. £66. 3. What is the commission on 3450 dollars, at 41 dollars per cent.? Ans. $155.25. 4. The sales of certain goods amount to 1680 dollars: what sum is to be received for them, allowing 23 dollars per cent. for commission? Ans. $1633.80. 5. What is the insurance of £760; at 61 per cent.? Ans. £49 8s. 6. What is the insurance of 5630 dollars, at 72 dollars per cent.? Ans. $436 32cts. 5m. 7. A merchant sent a ship and cargo to sea, valued at 17654 dollars: what would be the amount of insurance, at 183 dollars per cent.?. Ans. $3310 12 cts. 8. What is the brokage on £2150, at £2 per cent.? Ans. £43. 9. When a broker sells goods to the amount of 984 dollars 50 cents, what is his commission, at 1 dollar per cent,? Ans. $12 30cts. 6m.+ 13. If a broker buys goods for me, amounting to 1650 dollars 75 cents, what sum must I pay him, allowing him 1 per cent.? Ans. $24 76cts. 1m.+ DISCOUNT. DISCOUNT is an abatement of so much money from any sum to be received before it is due, as that sum would gain, put to interest for the given time and rate per cent. Rule. 1. Find the interest of 100 dollars or pounds for the given time, at the given rate per cent. 2. Add the interest so found to 100 dollars or pounds. 3. As 100 dollars or pounds, with the interest for the given time added, Is to the given sum, So is 100 dollars or pounds to the present worth. If the discount be required, subtract the present worth from the given sum, and the remainder will be the discount. Note. When discount is made without regard to time, it is found precisely like the interest for one year. What is discount? Questions. What is first to be done, when you wish to find the answer? After having found the interest of 100 dollars, at the given time and rate per cent., what is next to be done? After having added the interest so found to 100 dollars or pounds, by what rule do you work to find the discount? When discount is made without regard to time, how is 'it found? Examples. 1. What is the present worth of 420 dollars, due in 2 years, discount at 6 per cent. per annum? 2. What is the present worth of 850 dollars, due in 3 months, at 6 per cent. per annum? Ans. $837 43cts. 8m.+ 3. What is the discount of 645 dollars, for 9 months, at 6 per cent. per annum? Ans. $27 77cts. 6m. 4. What is the present worth of 775 dollars 50 cents, due in 4 years, at 5 per cent. per annum? Ans. $646.25. 5. What is the present worth of 580 dollars, due in 8 months, at 6 per cent. per annum? Ans. $557.69.+ 6. What is the present worth of 954 dollars, due in 3 years, at 41 per cent. per annum? Ans. $840 52cls. 8m.+ 7. What is the discount of 205 dollars, due in 15 months, at 7 per cent. per annum? Ans. $16 49cts. 5m.+ 8. Bought goods amounting to 775 dollars, at 9 months credit: how much ready money must be paid, allowing a discount of 5 per cent. per annum? Ans. $746 98cts. 7m. 9. I owe A. to the value of 1005 dollars, to pay as follows: viz. 475 dollars in 10 months, and the remainder in 15 months: what is the present worth, allowing discount at 6 per cent. per annum? Ans. $945 40cts. 4m. 10. What difference is there between the interest of 2260 dollars, at 6 per cent. per annum, for 5 years, and the discount of the same sum for the same time and rate per cent.?. Ans. $156 46cts. 2m.+ 11. What is the discount of 520 dollars, at 5 per cent.? $520 5 $26,00 Ans. 12. How much is the discount of £782, at 4 per cent.? Ans. £31 5s. 7d. 13. What is the discount of 476 dollars, at 3 per cent.? Ans. $14.28. 14. Bought goods on credit, amounting to 1385 dollars: how much ready money must be paid for them, if a discount of 6 per cent. be allowed? Ans. $1301.90. 15. I hold A.'s note for 650 dollars; but I agree to allow him a discount of 41 per cent. for present payment: what sum must I receive? Ans. $620.75. EQUATION. EQUATION is used to find the mean time of several payments due at different times. Rule. Multiply each payment by the time at which it becomes due; add the several products together, and divide the amount by the whole sum; the product will be the mean time. Questions. For what purpose is Equation used? By what rule do you find the mean time at which several payments become due? Examples. 1. I owe A. £200, of which £100 are to be paid at 3 months, and £100 at 9 months; but they agree to reduce them to one payment: when must the whole be paid? 100×3 300 200 2000)12/00 Ans. 6 months. 2 A merchant has owing to him 500 dollars, to be paid as follows: viz. 250 dollars at 6 months, 250 dollars at 8 months; but it is agreed that the whole shall be paid at one time: when must it be paid? Ans. 7mo. 3. A. owes B. £300, to be paid as follows: viz. £100 at 2 months, £100 at 4 months, £100 at 6 months; but they have agreed that the whole shall be paid at one time: when must it be paid? Ans. 4mo. 4. C. owes D. 550 dollars, of which, 100 dollars to be paid at 3 months, 200 dollars at 5 months, and 250 dollars at 8 months; but have agreed to make one payment of the whole at what time must it be paid? Ans. 6mo. BARTER. BARTER is the exchange of one commodity for another, at such prices as may be mutually agreed on. K Rule. 1. By any rule most convenient, find the value of whatever you propose to exchange, at the price at which you propose to exchange it. 2. As the price of one of the articles which you receive, Is to the whole quantity, So is the whole value of what you give in exchange, To the answer required. What is barter? Questions. What is first to be done, when you propose to barter one commodity for another? After having found the value of the article you propose to exchange, how do you proceed to find the answer? Examples. 1. How many pounds of coffee, at 25 cents per pound, must be given in barter for 2 cwt. 2 qr. 13 lb. of sugar, at 9 cents per lb. ? Ans. 105lb. oz. 2. What quantity of tea, at 1 dollar 30 cents per pound, must be given for 2500 lb. of rice, at 43 cents per lb. › Ans. 861b. 8oz.+ 3. How much sugar, at 83 cents per lb., must be given for 103 lb. of tea, at 1 dollar 25 cents per lb. ? Ans. 1542lb. 13oz. 4. A. has rice at 3 dollars and 75 cents per cwt., for which B. is to give him nutmegs, at $1.87 per lb.: how many pounds of nutmegs must A. receive for 14 cwt. 3 qr. 26 lb. of rice? Ans. 29lb. 15oz.+ 5. C. has linen, at 35 cents per yard, but in barter he will have 37; D. has 2 cwt. 3 qr. 17 lb. of chocolate, which he would sell for 10 cents per lb., but in barter he will have 12 cents: how much linen must D. receive for his chocolate? Ans. 109yd. 3qr. 5. How much corn, at 45 cents per bushel, is equal in value to 357 bushels of wheat, at 93 cents per bushel? Ans. 737bu. 3pe.+ 7. What quantity of candles, at 9 dollars 50 cents per cwt. must be given for 15 cwt. 0 qr. 27 lb. of tobacco, at 20 cents per lb. ? Ans. 35cwt. 3qr. 20tb.+ |