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3. Compute the interest on $1000, at 6 per cent. 2 - - Ans. $60,00. 4. What is the interest of $105, at 7 per cent. 2 Ans. $7,35. 5. What is the interest of 67 dollars and 67 cents, at 6 per cent. ”
6 7,67 Explanation.—The in, 0 6 terest of 1 cent can be - only 100th part of the in$4,06 0 2 terest of a dollar. By
pointing off four decimal places instead of two, we lessen the value of each figure 100 times.
6. What is the interest of $720,60, at 5 per cent. 2 Ans. $36,03. 7. What is the interest of $129,35, at 7 per cent.” Ans. $9,054+. 8. What would be the commission on the sale of goods to the amount of $4820, at 3 per cent.” - - Ans. $144,60. . 9. If an agent sell goods to the amount of $1250 on a cemmission of 44 per cent. what must he receive 7 Explanation—44 per cent, equal,045.
10. A merchant in Boston paid 1000 dollars for a quantity of hats. After sending them to Philadelphia he employed a merchant of that city as agent, who sold them for $1250,50, and was to receive a commission of 2; per cent, on the original cost. What did he receive 2 Ans. $27,50.
11. What is the premium on $12756 insured, at 4 per cent.” - Ans. $510,24. 12. An insurance company in New-York insured a ship's cargo, valued at $11027,69, for 44 per cent. Soon after the vessel sailed, a violent storm induced the owner to apply to the same company for insurance upon the vessel, which was valued at $13005, and insured at 174 per cent. What premium did the owner pay for insurance on vessel and cargo? Ans. $2733,10+. 13. What is the premium on a ship's cargo, invoiced at $15000, at 24 per cent.” Ans. $375. 14. What is the premium for insuring a house against fire, valued at $1129, at 1 per cent. ” Ans. $11,29.
JNote 2.—Insurance on buildings is made for a specified timé. The premiums are calculated on an annual per cent. 15. A gentleman obtained insurance upon his buildings, valued at $2000, for 4 per cent., and upon his furniture, valued at $1200,18, for # per cent. ; what was the sum of both premiums ? - Ans. $14,50+. 16. What premium must be given for insuring a stock of goods against fire, at 13 per cent., if the goods are valued at $7010,95? - Ans. $90,14-H. 17. The machinery in a cotton factory was valued at $45,000. On 3 of this sum insurance was made for 1, per cent., and on the remainder for 13 per cent. What was the premium on the whole 7 Ans. $637,50. Duties are computed on some kinds of goods at certain rates per cent. ad valorem ; on other kinds, at a certain rate for a particular weight or measure, as a ton, pound, gallon, or yard, &c. [Ad valorem implies that a certain per cent. on the cost is to be added before the duties are Computed.] 18
If 10 per cent. of the actual cost is to be added to the invoice" before the duties are computed, we may increase the invoice or the rate by or of itself for we shall obtain the same result, whether we augment the multiplicand or multiplier, if we increase either by the same part of itself. 5 is or part of 50, and 55 x 10=550 ; but or of 10 is 1, and 50 x 11 =550; the same product.
18. What is the duty on a quantity of wine, the invoice of which is $2600, at 40 per cent., if the invoice be raised 10 per cent. ”
Explanation.—ror part of 2600, is 260, and 260 added to 2600, makes $2860, the sum on which the duties are to be reckoned. $2860 x 40 per cent. gives $1144, the answer or duty on 2860, at 40 per cent. 10 per cent. on 40 per cent. is 4 per cent., which added to the given rate makes 44 per cent. Multiplying $2600 by 44 per cent. gives $1144 the same amount of duty as before. The duty on the wine is actually 44 per cent. 19. What is the duty on 25 chests of tea, which cost $16 each, at 50 per cent., if the invoice be increased 20 per cent.
Explanation.—20 per cent. of 50, the rate of duty is 10 per cent. The actual per cent. on the cost of the tea is 60 per cent. Ans. $240.
20. What is the whole cost of a lot of books, the invoice of which is $743,66, at 15 per cent., raisin the invoice 10 per cent. ” Ans. $866,36+.
21. By what per cent. must the actual cost of goods be multiplied, when the rate of duty is 43 per cent., and the invoice is to be increased 20 per cent. 2
* Catalogue of the several articles which make up a vessel's cargo. It is here used to denote the cost of the cargo.
22. By what per cent. must the cost of goods be multiplied to obtain the duty, when the rate of duty is 31; per cent., and 10 per cent. is to be added to the invoice 2 Ans. ,3465.
23. A merchant in Philadelphia imported a quantity of saltpetre, for which he paid $500 exclusive of freight, which was $206. What was the whole cost of the saltpetre after paying a duty of 83, or,0825 per cent. 2
Explanation.—The cost of freight must be added before the duties are cast. - - Ans. 764,244.
24. Bought a lot of books, the price of which was $127,09; but for cash a discount of 30 per cent. was made. What was the real cost of the books.
Explanation.—30 cents for each dollar of the price is to be subtracted. Ans. $88,963.
25. A bought of B 28 bushels of peas at $1,07 per bushel; but proving not se good as was expected, B agreed to make a discount of 7 per cent. ; what did A
pay ? Ans. $27,86+. 26. What is the discount on $762,999, at ; per cent. 7 Ans. $1,907+.
27. Bought a quantity of bibles, for which the seller charged $1,10 a piece, but made a discount of for money down; what was paid a piece 2 Ans. 30,73+. 28. If 537 pounds of ginger are sold for $53,70, what would it be a pound if 23 per cent. discount were made 7 - Ans. $0,097-i-.
JNote 3.-The value of stock is variable. When 100 dollars of stock are worth 100 dollars in money, the stock is said to be at par; when worth more, to be above par ; when less, below par.
If 100 dollars in stock are worth so; dollars in money, the value of the stock is 105 per cent., but if worth only 95 dollars, the value is 95 per cent. The shortest method of finding the real value of any given amount of stock, is to multiply the given stock by its value per cent. o
29. What is the value of $12450 United States' bank stock, at 112 per cent. ”
Explanation.—112 per cent. is 1 dollar and 12 gents, that is, 1 dollar of stock is worth 1 dollar and 12 cents in money. I dollar being an unit does not alter the value of the multiplicand, as may be seen in the third product, which is placed by the common method of multiplying to the left of the decimal point.
The answer must contain the given stock, and 12 cents for each dollar in the given stock. This is obtained by multiplying by the 1 dollar and 12 cents, since 12 cents are placed in the product for each unit in the multiplicand. Or, 12 cents are for of a dollar, and according to Illus. page 189, and Expl. page 193, multiplying by 7%, the product will be the same
part of the multiplicand that for are of a dollar.
. 30. What is the value of $101 of stock, at 90 per cent. §
Explanation.—The real value of the stock can be only such a part of $101 that 90 cents are of a dollar; and the product will express that part by multiplying by 90 cents the numerator, and pointing off two places at the right hand for decimals, or cents, which is dividing by 100 the denominator. Ans. $90,90.
31. What is the value of $7625 United States bank stock, at 1043 per cent. ”