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Rates at which the following foreign coins are estimated at the Custom Houses of the United States.

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Silver Rouble of Russia,

Florin or Guilder of the United Netherlands,

Mark Banco of Hamburg,

Real of Plate of Spain,
Real of Vellon of do.

Milrea of Portugal,
Tale of China,
Pagoda of India,

Rupee of Bengal,

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2. Reduce 8764 livres to federal money.
3. Reduce 10,000 francs to federal money.
4. Reduce 250,000 florins to federal money.
5. In $1000, how many francs?

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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 'egal interest is 5 per cent.

Let us suppose the sum lent, or due, to be $1. of a dollar, is 1 cent, and 18

100th part of $1, or

The

of a

dollar, the legal interest, is 6 cents, which, written as a decimal 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,
per cent., is a fourth of 1 per cent., that is,
per cent. is 3 times per cent., that is,

'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. 2 per cent. is '02, and

per cent. is '005.

Write 4 per cent. as a decimal fraction.

Ans. '025.

4 per

cent.

4 per cent.

5 per cent.

74 per

cent.

8 per cent.

8 per cent.

9 per

cent.

91 per cent.

is; decimally, '10.)

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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

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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

dollar, 44 cents, 6 mills, and 75% of a mill. Parts of a mill are not generally regarded; hence, $ 1'446 is sufficiently exact for the answer.

at 54 per cent. ?

at 6 per cent.?

3. What will be the interest of $11'04 for 1 year, at 3 per cent. ? at 74 per cent. ? at 10 per cent.?

per cent. ?

at 81 per cent.?

at 9 per cent. ?

at 101 per

cent. ?

at 11

per cent. ?

at 12 per cent. ?

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at 11

at 12 per cent. ?

4. A tax on a certain town is $1627'18, on which the collector is to receive 24 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 ard 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 Ans. $49'593. a debt of $132'25?

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. $877'881.

T 82. COMMISSION is an allowance of so much cent per to a person called a correspondent, factor, or broker, for as sisting merchants and others in purchasing and selling goods.

8. My correspondent sends me word that he has purchased goods to the value of $1286, on my account; what will his commission come to at 24 per cent.? Ans. $32'15. 9. What must I allow my correspondent for selling goods to the amount of $2317'46, at a commission of 3 per cent.? Ans. $75317.

INSURANCE is an exemption from hazard, obtained by the payment of a certain sum, which is generally so much per cent. on the estimated value of the property insured.

PREMIUM is the sum paid by the insured for the insurance. POLICY is the name given to the instrument or writing, by which the contract of indemnity is effected between the insurer and insured.

10. What will be the premium for insuring a ship and cargo from Boston to Amsterdam, valued at $37800, at 4 per cent. ? Ans. $1701.

11. What will be the annual premium for insurance on a house against loss from fire, valued at $3500, at 2 per cent.?

By removing the separatrix 2 figu es towards the left, it is evident, the sum itself may be made t express the premium at 1 per cent., of which the given rate parts may be taken; thus, 1 per cent. on $3500 is $35'00, and of $35'00 is $26'25, Answer.

12. What will be the premium for insurance on a ship and cargo valued at $25156'86, at per cent. ?

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at per at per cent. ? at per cent? at Ans. At per cent. the premiun is $157'23.

STOCK is a general name for the capital of any trading company or corporation, or of a fund established by govern

ment.

The value of stock is variable. When 100 dollars of stock sells for 100 dollars in money, the stock is said to be at par, which is a Latin word signifying equal; when for more, it is said to be above par; when for less, it is said to be below par.

13. What is the value of $7564 of stock, at 112 per cent.? that is, when 1 dollar of stock sells for 1 dollar 124

cents in money, which is 123 per cent. above par, or 12 per cent. advance, as it is sometimes called. Ans. $8509'50 14. What is the value of $3700 of bank stock, at 954 per cent., that is, 41 per cent. below par? Ans. $3533'50. 15. What is the value of $120 of stock, at 921 per cent.? at 861 per cent. ? at 67 per cent. ? per cent.?

per cent. ?

at 108
at 37 per cent. advance?

Loss AND GAIN.

at 1041 at 115 per cent.?

16. Bought a hogshead of molasses for $60; for how much must I sell it to gain 20 per cent.?

Ans. $72. 17. Bought broadcloth at $250 per yard; but, it being damaged, I am willing to sell it so as to lose 12 per cent. how much will it be per yard? Ans. $220. 18. Bought calico at 20 cents per yard; how must I sell it 10 per cent. ? 15 per cent. Ans. to the last, 16 cents per ya.

to gain 5 per cent.?
to lose 20 per cent.?

83. We have seen how interest is cast on any sum of money, when the time is one year; but it is frequently ne cessary to cast interest for months and days.

Now, the interest on $1 for 1 year, at 6 per cent., being '06, is

01 cent for 2 months,

005 mills (or a cent) for 1 month of 30 days, (for so we reckon a month in casting interest,) and '001 mill for every 6 days; 6 being contained 5 times in 30,

Hence, it is very easy to find by inspection, that is, to cast in the mind, the interest on 1 dollar, at 6 per cent. for any given time. The cents, it is evident, will be equal to half the greatest even number of the months; the mills will be 5 for the odd month, if there be one, and 1 for every time 6 is contained in the given number of the days.

Suppose the interest of $1, at 6 per cent., be required for 9 months, and 18 days. The greatest even number of the months is 8 half of which will be the cents, '04; the mills, reckoning 5 for the odd month, and 3 for the 18 (3 times 6

18) days, will be '008, which, united with the cents, (048) give 4 cents 8 mills for the interest of $1 for 9 months and 18 days.

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