TAXES AND DUTIES. 351. Taxes on property are reckoned at a rate per cent on the assessed value of the property; and duties on imported goods are sometimes reckoned at a rate per cent on the cost in the country from which they are imported. Ex. The assessed valuation of a town is $2,326,112; the number of polls is 800 (that is, the number of persons who pay a poll-tax); the amount required for expenses is $15,830.56. If each poll pays a tax of $1.50, and the sum to be received from the State is estimated at $3000, what is the rate per cent of tax on the property? What is the tax of S. Jones, who pays for one poll, and has property valued at $8216? The amount of poll-taxes 800 x $1.50 $1200. $15,830.56 - $4200 = $11,630.56 to be assessed on property. $11,630.56 $2,326,112 = .005 of 1%. = = That is, the tax is 5 mills on a dollar, or $5 on $1000. = EXERCISE LXX. 1. If James Brown be assessed $2500 on his house and $5200 on personal property, and pays for 2 polls at $1.50 each, how much will his tax be, the rate being $12.18 on $1000? 2. If the rate of tax be $12.25 on $1000, and the tax be $11,788.50, what is the valuation? 3. If the assessed valuation of a town be $1,777,000, and the property-tax be $6870, what is the rate on $1000. 4. What sum must be assessed, in order that $15,000 shall remain after paying a commission of 2% for collecting the taxes? 5. A tax of $1857.60 is levied upon a school district for building a school-house. The assessed valuation of the district is $1,935,000. What is the tax on property valued at $6250? 6. In a certain town there are 1350 polls. The assessed value of the real estate is $713,250; of the personal property is $738,954; the poll-tax is $2. The tax on property is 1%. But only 96% of the tax can be collected, and the collector is paid 21% of the amount collected. How much does the town receive from the taxes? 7. What is the duty, at 20% ad valorem (that is, 20% of the cost), on 320 boxes of raisins, each containing 40 lbs., and costing 8 cents a pound? 8. What is the duty, at 6 cents a gallon, on 420 hhds. of molasses, 63 gals. in a hogshead? 9. At 40%, what is the duty on 300 tons of iron (2240 lbs. to a ton) invoiced at 12 cents a pound? 10. Paid $ 1360.80 duty on 300 hhds. of molasses, each containing 63 gals., at 25 cents a gallon. What was the rate per cent of duty? 11. A sugar refiner imports 50 hhds. of sugar weighing 480 lbs. each, and 120 hhds. of molasses containing 63 gals. each. What is the amount of the duties, if the sugar pay 3 cents a pound, and the molasses 8 cents a gallon, an allowance being made on the sugar of 10%, and 2% on the molasses? 12. An importer paid $825 duty on an invoice of silks, the duty being 24%. But damages of 15% were allowed at the custom-house. What was the entire cost of the goods? 13. Paid $325 duty on goods which had been damaged; al lowance for damage is 24%, and the duty was 24%. What was the invoice price of the goods? CHAPTER XVII. INTEREST AND DISCOUNT. 352. Interest is the payment made for the use of money. The interest to be paid for a given sum differs from the payments considered in the last chapter, in that it depends on the time for which the sum is loaned as well as on the rate per cent charged. 353. The sum loaned is called the principal. The principal and interest, added together, are called the amount. SIMPLE INTEREST. 354. If 100 be taken as the representative of the principal, the rate will represent the interest for one year; the product of the rate per cent by the number of years will represent the whole interest, and this added to 100 will represent the amount. Thus, if the time be 3 years and the rate per cent 6, the interest will be represented by 18, and the amount by 118. (1) Find the interest on $1024, for 2 yrs. 8 mos., at 5%. Time, 2 yrs. mos. = 2 yrs. $1024 .05 512 5120 $56.32 interest for 1 yr. 232 yrs. 8 mos. 3755 11264 $150.19 Ans. (2) Find the interest of $1020, for 5 yrs. 11 mos. 18 dys., at 6%. The interest at 6% for 1 year is .06 of the principal. The interest for 1 month is of .06 = .005 of the principal. of .005 = of .001 of the principal. 18x of .001 = .003 5 yrs. 11 mos. 18 dys. = .358 of the principal. The method employed in the last example may be employed for any rate per cent, by first finding the interest at 6%, and then taking such a part of the interest as the given rate is of 6%. Thus, the interest at 41%- of the interest at 6% interest at 6% of itself. The interest at 8% is of the interest at 6% interest at 6%+ of itself. 4호 = 6 = = = In most business transactions the time for which interest is required is 1, 2, 3, or 4 months (30 dys. being reckoned 1 mo.), and the rate of interest is 1% a month. Hence, the interest on a given sum for 2 mos. (or 60 dys.) is found by moving the decimal point two places to the left; for 1 mo., 3 mos., 4 mos., by moving the decimal point two places to the left, and multiplying by 1⁄2, 1, and 2, respectively. Thus, the interest on $1250 for 2 mos. is $12.50; for 1 mo., $6.25; for 3 mos., $18.75; for 4 mos., $25. Find the interest of: EXERCISE LXXI. 1. $680.40 for 2 yrs. 4 mos. 6 dys., at 6%. 3. $85.85 for 1 yr. 7 mos. 21 dys., at 6%. 4. $1100 for 3 yrs. 4 mos., at 5%. 5. $1275 for 3 yrs. 2 mos. 15 dys., at 8%. 6. $475.16 for 27 dys., at 41%. 7. $1290.50 for 60 dys., at 6%. 8. $125 for 1 yr. 2 mos. 2 dys., at 9%. 9. $250.80 for 10 mos. 10 dys., at 3%. 10. $258.85 from Mar. 6, to June 24, at 5%. 11. $380 for 2 yrs. 11 mos. 27 dys., at 4%. 12. $475.05 for 1 yr. 9 mos. 14 dys., at 7%. 13. $725.40 for 11 mos. 24 dys., at 51%. 14. $680.50 for 2 yrs. 6 dys., at 5%. 15. $630.50 for 90 dys., at 6%. 16. $547.60 from Feb. 20 to Dec. 5, at 61%. 17. $875 from May 5, 1880, to June 21, 1881, at 5%. 18. $758.50 from Jan. 5 to July 1, at 41%. 19. $342.42 from Feb. 5, 1879, to Mar. 15, 1881, at 7%. 20. $540 from Mar. 5 to Sept. 21, at 3%. Find the amount of: 21. $431.50 for 2 yrs. 8 mos., at 44%. 22. $476.50 from July 5, 1880, to Feb. 9, 1881, at 4%. 23. $319.20 from April 7 to Aug. 31, at 31%. 24. $6460 from June 15, 1878, to May 7, 1880, at 44%. 25. $150 from Aug. 5, 1879, to Mar. 17, 1881, at 7%. 26. $527.20 from Jan. 1 to Nov. 20, at 41%. 27. $1250 from Nov. 15, 1880, to Mar. 1, 1881, at 5%. 28. $624.36 from Mar. 5 to Dec. 20, at 7%. 29. $12,260 from May 6 to Oct. 24, at 33%. 30. $11,216 from Oct. 20 to Dec. 31, at 1% a month. NOTE. In business a year is reckoned at 360 days in computing interest for a time less than a year expressed in months and days; hence, the interest is or too great. But general governments take the number of days between the two given dates, and reckon for the interest such a part of a year's interest as this number of days is of 365 days. |