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13. What is the interest of $ 350 for 3 years, 3 months, and 24 days?
Ans. $ 74.77,5+. 14. What is the interest of $ 970 for 2 years, 9 months, and 24 days?
To find the amount of a note by compound interest, when there have been partial payments.
Rule. — Find the amount of the principal, and from it subtract the amount of the indorsements.
15. A, by his note dated January 1, 1830, promises to pay B $ 500 on demand.
On this note are the following indorsements. July 16, 1830, received two hundred dollars. August 21, 1831, received two hundred dollars. December 1, 1832, received one hundred dollars.
What was the balance Sept. 1, 1834 ? Ans. $ 52.73.
Boston, Sept. 25, 1833. For value received, I promise Peter Absalom to pay him, or order, on demand, one hundred dollars, with interest after six months.
J. P. Jay. On this note are the following indorsements. June 11, 1834, received fifty dollars. Sept. 25, 1834, received fifty dollars.
What was due August 25, 1835 ? Ans. $ 2.24,7. (17.) $1000.00.
New York, January 1, 1840. For value received, I promise to pay J. R. Montgomery, or order, on demand, one thousand dollars, with interest at seven per cent.
John Q. Smith. Attest, J. Page. On this note are the following indorsements. June 10, 1840, received seventy dollars. Sept. 25, 1841, received eighty dollars. July 4, 1842, received one hundred dollars: Nov. 11, 1843, received thirty dollars. June 5, 1844, received fifty dollars.
What remains due April 1, 1845, at 7 per cent. compound interest ?
Ans. $1022.34. (18.) $ 1700.00.
Bradford, July 4, 1841 Lent A. Brown seventeen hundred dollars. Sept. 1, 1843, received one thousand dollars. What is due July 4, 1847, at 5 per cent. compound interest.
The object of Discount is to show us what allowance should be made, when any sum of money is paid before it becomes due.
The present worth of any sum is the principal that must be put at interest to amount to that sum in the given time. That is, $ 100 is the present worth of $ 106 due one year hence ; because $ 100 at 6 per cent. will amount to $ 106, and $ 6 is the discount. 1. What is the present worth of $ 12.72, due one year hence? First Method.
1.06)12.72 $ 12 Ans. 106)1272.00($ 12 Ans.
212 As $ 100 will amount to $ 106 in one year at 6 per cent., it is evident, that, if 100 of any sum be taken, it will be its present worth for one year, and that 6 will be the discount. And, as $ 1 is the present worth of $ 1.06 due one year hence, it is evident that the present worth of $12.72 must be equal to the number of times $ 12.72 will contain $1.06.
Rule.- Divide the given sum by the amount of $1 for the given rate and time, and the quotient will be the present worth. If the present worth be subtracted from the given sum, the remainder will be the discount.
2. What is the present worth of $ 117.60, due one year hence, at 12 per cent. ?
Ans. $ 105.00. 3. What is the discount of $ 802.50, at 7 per cent., due one year hence ?
Ans. $ 52.50. 4. What is the present worth of $ 769.60, due 3 years and 5 months hence ?
Ans. $ 638.67,241: 5. What is the present worth of $ 986.40, due 9 years 9 months and 20 days hence ?
Ans. $ 671.78,2338 6. How much grain must be sent to the miller that a bush. el of meal may be returned, the miller taking it part for toll ?
Ans. 34*5 quarts.
7. What is the present worth of $ 678.75, due 3 years 7 months hence, at 7.1 per cent. ?
Ans. $ 534.97,5203. 8. I have given my note for $ 1000, to be paid Dec. 18, 1835. What is the note worth June 7, 1834 ?
Ans. $915.894641./ 9. James has a note against Samuel for $ 715.50, dated August 17, 1834, which becomes due January 11, 1835. What ready money will pay the note Sept. 25, 1834 ?
Ans. $ 703.07,8+. 10. A has B’s note, which' becomes due Nov. 25, 1835, for $ 914.75. What is this note worth Jan. 1, 1835 ?
Ans. $ 867.88,4+. 11. A merchant has given two notes; the first for $ 79.87, to be paid Jan. 21, 1836; the second for $ 87.75, to be paid Dec. 17, 1836. What ready money will discharge both notes Feb. 10, 1835 ?
Ans. $ 154.54,4+. 12. It being now Oct. 14, 1833, and A owing me $ 1728, to be paid Dec. 17, 1837, what ought I now to receive as an equivalent ?
Ans. $ 1381.84,7951 13. Bought cloth in Boston at $ 5.00 per yard. What must be my “ asking price,” in order that I may fall on it 10 per cent. and still make 10 per cent. on my purchase ?
• Ans. $ 6.117. 14. James Ober owes Samuel Hall as follows: $ 365.87, to be paid Dec. 19, 1835 ; $ 161.15, to be paid July 16, 1836 ; $ 112.50, to be paid June 23, 1834 ; $ 96.81, to be paid April 19, 1838. What should he receive as an equivalent, Jan. 1, 1834 ?
Ans. $ 653.40+.
This term is used to express so much by the hundred. It is derived from two Latin words, per and centum, and means by the hundred. It is not only applied to money, but to any commodity. The process of operation is similar to Interest.
EXAMPLES. 1. Received a legacy of $ 1728. I gave 10 per cent. of it to a benevolent society. How much had I remaining ?
2. Bought a horse for $120, and sold him at 6 per cent. ad. vance. What did I gain ?
Ans. $ 7.20. 3. Sent 1728 barrels of flour to Liverpool, but in a storm 25 per cent. of them were thrown overboard ; how many remained ?
Ans. 1296 barrels. 4. A certain colonel, whose regiment consisted of 900 men, lost 8 per cent. of them in battle, and 50 per cent. of the remainder by sickness. How many had he remaining ? :
Ans. 414 men. 5. A merchant, having $1728 in the Union Bank, wishes to withdraw 15 per cent. ; how much will remain ?
Ans. $1468.80. 6. A gentleman, who had an estate of $ 25,000, gave in his will, to his wife, 40 per cent. of his property, and to his son Samuel, 30 per cent. of the remainder. The residue he divided equally between his daughters, Marcia, Isabella, and Clara, after having deducted $ 60 as a present to his clergyman. What did each receive ? Ans. Wife, $10,000; son, $ 4,500., daughters, $ 3,480 each.
7. What is 15 per cent. on 500 bushels ? Ans. 75 bushels. 8. What is 20 per cent. on 75cwt. ?
Ans. 15cwt. 9. What is 30 per cent. on 150 tons ? Ans. 45 tons. 10. What is 75 per cent. on $ 500 ?
Ans. $ 375. 11. What is 95 per cent. on 700 chaldrons ?
Ans. 665 chaldrons. 12. What is 2 per cent. on 40 miles ? Ans. .8 miles. 13. What is 99 per cent. on $1000 ?
Ans. $ 990. 14. What is 334 per cent on 144 barrels ? Ans. 48bbl. • 15. What is 66per cent. on 90 hogsheads ?
Ans. 60 hogsheads. 16. What is 1 per cent. on $100 ?
Ans. $ 0.25. 17. What is 7 per cent. on 17281b. ? Ans. 15.121b.
COMMISSION AND BROKERAGE are compensations made to factors, brokers, and other agents, for their services, either for buying or selling goods..
Note. -- A factor is an agent, employed by merchants residing in other
places to buy and sell, and to transact business on their account. A bro ker is employed by merchants to transact business.
RULE. — The method of operation is the same as in Interest and Discount.
EXAMPLES. 1. My agent in New Orleans has purchased cotton, on my account, to the amount of $18,768 ; what is his commission, at 1x per cent. ?
Ans. $ 328.44. 2. If a broker sells goods for me to the amount of $ 896, what is his commission, at 2 per cent. ? Ans. $17.92.
3. My factor in London writes that he has purchased for me to the amount of 395 £. 15s. 5d. ; what is his commission, at 21 per cent. ?
. Ans. 8£. 18s. 1265d. 4. A factor receives $1976, which he is to lay out for goods ; having deducted his commission of 4 per cent. how much will remain to be laid out ?
Ans. $1900. Note. — As his commission is to be taken out of the sum remitted he will not receive 4 dollars on every 100, but 4 on every 104 ; that is, he will receive 184.
5. What is a broker's commission for purchasing goods to the amount of $7658.75, at 11 per cent ? Ans. $114.883.
6. My factor at New Orleans advises me that he has purchased on my account 37 bales of cotton, at $107.75 per bale ; what is his commission, at i per cent. ? Ans. $14.953'5.
7. I have engaged a broker to purchase for me 12 shares in the Boston and Maine Railroad, at $112.25 per share ; what is his commission, at į per cent. ?
Ans. $ 3.362. 8. My agent, S. Cloon, at Cincinnati, advises me that he has purchased on my account a cargo of pork, consisting of 700 barrels, at $12.25 per barrel ; what is his commission, at li per cent. ?
Ans. $ 150.061. 9. Sent to my agent, John Crowell, at Rochester, N. Y., $8960, to purchase a quantity of flour; his commissions are 2 per cent. on the purchase, which he is to deduct from the money sent him ; what is his commission ? Ans. $175.6831.
10. What is a broker's commission on the sale of 700 barrels of flour, at $ 5.75 per barrel, at 13 per cent. Ans. $70.434.
11. What is the commission on the sale of 173cwt. of sugar, at $8.95 per cwt., at 15 per cent. ? Ans. $ 29.03.2.
12. My agent in London has purchased goods for me to the value of 879 £. 12s. 9d; what is his commission, at 33 per cent. ?
Ans. 29.£. 13s. 96%d. 13. Sent a cargo of flour to Liverpool, which iny factor sold