12. M's house was insured for of its value at 14% the house was burned down, and his loss, including the insurance, was $680; what was the value of the house? 13. A mill is insured for 80% of its value at 1%; what is the value of the mill, if the premium is $72.36? 14. A's store, worth $8500, is insured for of its value at 2%; in case the store is destroyed by fire what is A's actual loss? 15. My house, worth $8000, was insured for of its value at 2% it was destroyed by fire in 1894; what was the actual loss to the company? 16. A house and store worth $9800 is insured at 2%, that in case of loss both the premium and the value of the property may be covered; what is the premium? 17. If B takes out a life policy for $8000, what is his yearly premium at the rate of $26.50 on $1000? 18. At the age of 28 years I took out an endowment policy for $10,000; what is my yearly premium at the rate of $45.15 on $1000? INTEREST. ORAL EXERCISES. 167.-1. If you borrow $100, and pay 6% of it every year for the use of the money, what must you pay for 1 year? For 2 yr.? For 3 yr.? For 4 yr.? 2. What must you pay annually for the use of $100 at 5% ? At 7%? At 8%? At 9%? At 61%? 3. What must you pay annually at 5% for $200? For $300? For $400? For $500? 4. What must you pay for the use of $100 at 5% for 1 year? For 2 yr.? For 3 yr.? For 4 yr.? 5. What must you pay for the use of $200 at 6% for 1 year? For 2 yr.? For 3 yr.? For 4 yr.? DEFINITIONS. 168. Interest is money paid for the use of money. 169. The Principal is the sum for which interest is paid. The Amount is the sum of the principal and interest. 170. The Rate of Interest is the interest on one dollar for one year. NOTE.-In interest a year is 12 mo. of 30 da. each. 11. What is the interest of $800 for 3 yr. 10 mo. 15 da. at RULE. Find the interest for one year, and multiply this by the time expressed in years. Required the interest 12. Of $480 for 2 yr. 6 mo. at 7%. 13. Of $500 for 3 yr. 10 mo. at 6%. 14. Of $720 for 5 yr. 9 mo. at 5%. 15. Of $840 for 4 yr. 8 mo. at 8%. 16. Of $960 for 5 yr. 10 mo. at 6%. 17. Of $360 for 2 yr. 7 mo. 15 da. at 6%. 18. Of $1248 for 3 yr. 6 mo. 10 da. at 5%. 19. Of $2496 for 5 yr. 8 mo. 6 da. at 6%. 20. Of $1200 for 4 yr. 5 mo. 20 da. at 8%. Find the amount 21. Of $6000 for 1 yr. 6 mo. at 51%. 22. Of $7200 for 2 yr. 5 mo. at 6%. 23. Of $560 for 4 yr. 8 mo. at 8%. 24. Of $840 for 6 yr. 6 mo. at 6%. Find the interest at 6% of 25. $400 from June 20, 1888, to May 1, 1890. 26. $600 from July 5, 1889, to Sept. 12, 1891. 27. $2000 from Mar. 4, 1890, to Aug. 12, 1893. At 6% the interest of $1 For 12 months is .06 (Def. ART. 170). Since 6 is of 12, and 5 is † of 30, there are just— as many mills as days. Therefore, to find the interest at 6%, Regard of the months as cents, of the days as mills, and multiply their sum by the principal. WRITTEN EXERCISES. 1. Find the interest of $500 for 2 yr. 8 mo. 12 da. at 6%. Find the amount at 6% 14. Of $34.60 for 4 yr. 9 mo. Find the interest 19. Of $600 for 2 yr. 10 mo. 12 da. at 5%. 20. Of $650 for 2 yr. 10 mo. 12 da. at 5%. 21. Of $3020 for 4 yr. 2 mo. 6 da. at 7%. 22. Of $15.63 for 3 yr. 1 mo. 5 da. at 51%. 23. Of $2000 for 5 yr. 5 mo. 5 da. at 5%. 24. Of $1625 from June 12, 1890, to Aug. 15, 1892, at 6%. 25. Of $415 from Oct. 10, 1891, to May 15, 1894, at 7%. 26. Of $500 from Apr. 14, 1890, to June 10, 1895, at 51%. |