150 1 half the months. 1,50 150 the debt. 1,50 the interest. 148,50 Ans. $148,50. 6. Bought goods to the amount of 950 dollars, at 90 days credit what ready money will discharge it, allowing the interest for the time at 6 per cent. per annum, as discount? Ans. $935,75 if calculated for 3 months. $935,95 if calculated for 90 days. When the interest for the time is allowed as discount, it is presumed that neither party suffers any loss: but the following statement evinces the contrary. A. owes B. $100, payable in 12 months, for present payment of which B. allows $6, or the interest for the time, and receives $94; this sum he immediately lends to C. for the same space of time, and then receives the amount, being 99 dols. 64 cents, which is 36 cents less than he would have to receive from A. had he left the money in his hands; but if he had allowed A. the discount, and not the interest, for the time, he would have received from him 94 dols. 34 cents, and this sum being put to interest, would amount to 100 dols. in one year, which shows that the discount, and not the interest, is the just deduction for prompt payment. But when discount is to be made for present payment, without any regard to time, the interest of the sum, as calculated for a year, is the discount. EXAMPLES. 7. How much is the discount of 853 dols. at 2 per cent.? 853 $17,06 8. How much money is to be received for $985,75, dis counting 4 per cent.? $6,50 discounting 10 per cent. is 9. 10. 2,50 16 Ans. $17,6. Ans. $946,32. $5,85. 2,10. 3,75. 13,43. 9,80. کچھ Required the interest and discount of the following sums, at 6 per cent. per annum. interest. discount. 18. $896,50 payable in 10 months. Ans. $44,821 $42,09 30,62 29,59 31,84 44,13 30,611 42,23 To raise the price of goods, so as to discount without loss. RULE. AS 100, less the discount, is to 100, so is the present price, to the price required. Or as 100, less the discount, is to the discount, so is the present price or value, to the sum to be added. EXAMPLES. 1. The present worth of certain goods is $930; at what must they be valued to allow 7 per cent. discount, without loss? Ans. $1000. 2. A parcel of goods is charged at £54 14 7, how must it be valued to allow 10 per cent. without loss? BANK DISCOUNT. 1. What is the Bank Discount of $563,74 for 30 days with grace? Ans. £60 16 24. 2. What is the discount of $686,74 for 63 days? 686,74 281870 cts. 310,057 Ans. 3,10 cts. 721,077 Ans. $7,21. EQUATION OF PAYMENTS.* THE design of this Rule is to find a mean time for the payment of several sums due at different times. RULE. Multiply each sum by its time, and divide the sum of the products by the whole debt; the quotient is accounted the mean time. EXAMPLES. 1. A. owes B. 200 dollars, whereof 40 dollars is to be paid in 3 months, 60 dollars in 5 months, and the remainder in 10 months; at what time may the whole be paid without any injustice to either? 2. A. is indebted to B. £120, whereof one half is to be paid in 3 months, one quarter in 6 months, and the remainder in 9 months; what is the equated time for the payment of the whole ? Ans. 5 months and 7 days. 3. C. owes D. $1400, to be paid in 3 months; but D. being in want of money, C. pays him at the expiration of 2 months, $1000; how much longer than 3 months ought C., in equity, to defer the payment of the rest? Ans. 2 months. * Equal payments being at 3 and 6 months, the mean is 4 months; at 3, 4, and 6 months, the mean is 4 months, &c. 4. The sales of a consignment of goods became due, viz. $267 on the 1st of March. 16th of August. Required the equated, or mean time of payment. 267 due at present, or the first payment. 216×70 days 135 X 125 162 X 168 780 15120 16875 27216 780)59211 Ans. 76 days from the 1st of March, which is the 16th of May-or thus, March 1, $267×70 18690 Ans. 92 days previous to the 16th of August, which gives the mean time, May 16th as before. If the times of payment be not in regular succession, they should be so placed previous to the calculation; noting the first or earliest time of payment, and then taking the others as they become due. When there are Drs. and Crs. to an account, and the equated time of paying the balance is required, some persons find the products of each, in the usual manner of time and money, and divide the balance of products by the balance of moneys for the time required. But the general method in such case, especially in accounts between British and American merchants, is to adjust by an interest account, and in this way, show the balance at the time of furnishing the account current. BARTER. BARTER is the exchanging of one commodity for another on such terms as may be agreed on. EXAMPLES. 1. How many quintals of fish, at $2 per quintal, will pay for 140 hhds. of salt, at $4,70 per hhd.? Ans. 329. 2. A. buys of B. 4 hhds. of rum, containing 410 gallons, at $1,17 per gallon; and 253 lb. of coffee, at 21 cts. per lb. in part of which he pays $21 in cash, and the balance in boards, at $4 per thousand; how many feet of boards did the balance require? Ans. 127957 feet. 3. A. buys of B. 178 quintals of fish, at 25s. N. E. per quintal, also 72 quintals at 15s. 6d. and 20 bbls. of No. 1 mackerel, at $5,70. In payment B. takes $100 in cash, 179 gallons of molasses, at 38. 8d. 120 gallons of wine at 7s. 6d. and gives 3 months credit for the remainder; but for accommodation, A. pays the balance in cash, on being allowed interest for the time at 6 per cent. per annum as discount Required the discount and balance, and a mercantile state ment. 4. B. has C.'s note for 250 dols. with 6 months interest due on it, and to redeem it, C. delivers him 60 bushels of wheat at 1 dol. 25 cts. per bushel, 50 bushels of corn at 871 cts. per bushel, and the balance in staves at 30 dols. per thousand; what number of staves did B. receive? Ans. 5550 staves, or 4 m. 6 hun. and 10 casts. |