EXAMPLES FOR PRACTICE. 2. Reduce 125 £., in each of the before named currencies, to federal money. 3. Reduce 1 s. 6 d., in the several currencies, to federal money. Answers. 1 s. 6 d. = '075£. English money, is $3333; Canada currency, it is $30; New England currency, it is $25; New York currency, it is $'1874; Pennsylvania currency, it is $20; Georgia currency, it is $321. 4. Reduce 75£. 15 s., in the several currencies, to federal money. 5. Reduce 18 £.0 s. 8 d., in the several currencies, to federal money. 6. Reduce 44 d., in the several currencies, to federal money. 7. Reduce 36£. 3 s. 7 d., in the several currencies, to federal money. ¶ 79. To reduce federal money to any of the before named currencies, reverse the process in the foregoing operations; that is,-Multiply the given sum in federal money by such fractional part as 1 dollar, in that currency to which you would reduce it, is of 1 pound. The product will be the answer in pounds and decimals of a pound, which must be reduced to shillings, pence and farthings, by inspection, as already taught, T 77. EXAMPLES FOR PRACTICE. 1. Reduce $118'25 to the several before named currencies. £. S. * d. is 26 12 14. N. England currency, $118'25, changed to N. York ... ... 6. 47 6 0. 44 6 104. 27 11 2. Change 250 to the several currencies. ¶ 80. It may sometimes be required to reduce one currency to the par, or equality of another currency. 1. Reduce 35£. 6 s. 8 d., English money, to N. England currency. $1 is 4 s. 6 d. = 54 d. English money. $1 is 6 s. = 72 d. N. England currency; that is, the value of any number of pounds, shillings, pence, &c., English money, is 32 = of the same in N. England currency; consequently,-To reduce English money to N. England currency, Multiply by, or, which is the same, increase it by part of itself. Thus, 47 2 2 2 New England currency, Answer. Hence we have this general RULE for finding a multiplier to reduce any currency to the par of another : Make $1 in pence, of the currency to be reduced, the denominator of a fraction, over which write $1 in pence, of the currency to which it is to be reduced, for a numerator. This fraction may then be reduced to its lowest terms before multiplying. On the same principles, let the pupil form for himself multipliers, by which To reduce English money to Canada, N. York, Pennsylvania, and Georgia currencies. Canada currency to English, N. England, N. N. York currency to English, Canada, N. Eng- Rates at which the following foreign coins are estimated at the Custom Houses of the United States. Silver Rouble of Russia, Florin or Guilder of the United Netherlands, Mark Banco of Hamburg, Real of Plate of Spain, Tale of China, Rupee of Bengal, $18. $ '183. 675. '40. $33. 10. '05. $1'24. $1'48. 1'84. '50. 2. Reduce 8764 livres to federal money. INTEREST. ¶ 81. Interest is an allowance made by a debtor to a creditor for the use of money. It is computed at a certain number of dollars for the use of each hundred dollars, or so many pounds for each hundred pounds, &c. one year, and in the same proportion for a greater or less sum, or for a longer or shorter time. The number of dollars so paid for the use of a hundred dollars, one year, is called the rate per cent. or per centum; the words per cent. or per centum signifying by the hundred. The highest rate allowed by law in the New England States, is 6 per cent.,* that is, 6 dollars for a 100 dollars, 6 cents for a 100 cents, 6 pounds for a 100, &c.; in other words, of the sum lent or due is paid for the use of it one year. This is called legal interest, and will here be understood when no other rate is mentioned. * In the State of New York, 7 per cent. is the legal interest; in England the legal interest is 5 per cent. Let us suppose the sum lent, or due, to be $1. 100th part of $ 1, or of a dollar, is 1 cent, and dollar, the legal interest, is 6 cents, which, written as cimal fraction, is expressed thus, So of any other rate per cent. 1 per cent., expressed as a common fraction, is Too; decimally, per cent. is a half of 1 per cent., that is, The ʊ of a a de'06. '01. '005. '0025. '0075. Note. The rate per cent. is a decimal carried to two places, that is, to hundredths; all decimal expressions lower than hundredths are parts of 1 per cent. § per cent., for instance, is '625 of 1 per cent., that is, '00625. Write 24 per cent. as a decimal fraction. Write 4 per cent. as a decimal fraction. Ans. '025. 41 per cent. 42 per cent. 5 per cent. 71 per cent. 8 per cent. 8 per cent. 9 per cent. 91 per cent. is ; decimally, '10.) cent. 121 per cent. 15 per cent. 10 per cent. (10 per cent. 1. If the interest on $1, for 1 year, be 6 cents, what will be the interest on $17 for the same time? It will be 17 times 6 cents, or 6 times 17, which is the same thing: 17 '06 1'02 Answer; that is, 1 dollar and 2 cents. To find the interest on any sum for 1 year, it is evident we need only to multiply it by the rate per cent. written as a decimal fraction. The product, observing to place the point as directed in multiplication of decimal fractions, will be the interest required. Note. PRINCIPAL is the money due, for which interest is paid. AMOUNT is the principal and interest added together. 2. What will be the interest of $32'15, 1 year, at 41 per cent.? $32'15 principal. '045 rate per cent. dollar, 44 cents, 6 mills, and There being five decimal places in the multiplicand and multiplier, five figures must be pointed off for decimals from the product, which gives the answer,—1 of a mill. Parts of a mill are not generally regarded; hence, $ 1'446 is sufficiently exact for the answer. 3. What will be the interest of $11'04 for 1 year, at 3 at 5 per cent. ? per cent.? at 6 per cent.? per cent. ? at 81 per cent. ? at 92 per cent. ? at 112 per cent. ? at 124 per cent. ? at 12 per cent. ? 4. A tax on a certain town is $1627'18, on which the collector is to receive 23 per cent. for collecting; what will he receive for collecting the whole tax at that rate? Ans. $40'679. Note. In the same way are calculated commission, insurance, buying and selling stocks, loss and gain, or any thing else rated at so much per cent. without respect to time. 5. What must a man, paying $0'37 on a dollar, pay on a debt of $132′25 ? Ans. $49'593. 6. A merchant, having purchased goods to the amount of $580, sold them so as to gain 12 per cent., that is, 12 cents on each 100 cents, and in the same proportion for a greater or less sum; what was his whole gain, and what was the whole amount for which he sold the goods? Ans. His whole gain was $72'50; whole amount $652'50. 7. A merchant bought a quantity of goods for $763'37; how much must he sell them for to gain 15 per cent.? Ans. $ 8774881. 82. COMMISSION is an allowance of so much per cent. to a person called a correspondent, factor, or broker, for assisting merchants and others in purchasing and selling goods. |