Find the interest and amount of : 8. Find the amount necessary to pay a loan of $ 250 at 6% from Jan. 4, 1907, to Jan. 25, 1909. 9. Find the interest on $ 375 borrowed Sept. 1, 1906, and paid March 16, 1908. 10. Henry Boydson borrows Jan. 4, 1907, from James Anderson $ 375, agreeing to pay the money April 1, 1909, with interest at 6%. Find the amount due James Anderson April 1, 1909. The following is the form of the written promise. Promissory Note 375.00 Augusta, Me., fan. 4, 1907. April 1, 1909, I promise to pay to the order of -James Anderson Three hundred seventy-five Dollars with interest at 6%. Value received, Henry Boydaon. A promissory note is a written agreement made by one person to pay to another a sum of money at a certain time. SAVINGS ACCOUNTS FOR BOYS AND GIRLS 253 SAVINGS ACCOUNTS FOR BOYS AND GIRLS Interest on savings accounts is usually computed at from 2% to 4% annually, and is payable the first of each January and July. If not drawn when due, the interest or dividend, as it is sometimes called, is added to the deposit. For example: If John deposited $10 Jan. 1, his amount in the bank July 1 would be $10 plus the interest on $10 for 6 months at 4%, or $10.20. Since interest on savings accounts is not computed on parts of a dollar, the interest for the next 6 months would be computed on $10 only. Interest on savings accounts is frequently calculated from the 1st and 15th of each month succeeding the several deposits. Thus, $10 deposited the 1st of any month would draw interest from date; but $10 deposited the 2d of any month would draw interest from the 15th, and money deposited on the 15th would draw interest from the 1st of the next month. Thirty days are reckoned as a month. 1. On Jan. 1, 1907, John deposited $10 in the savings bank at 4% interest. On March 25 he deposited $5. What was John's amount in bank July 1, 1907? $10 prin. Jan. 1, 1907. $5 prin. Mar. 25, 1907. .04 rate 3 mo., or of a year. $10. first deposit. 4).20 interest for 1 yr. .20 interest on first deposit. .05 interest for 3 mo. 5.00 second deposit. .05 interest on second deposit. $15.25 total amount in bank July 1, 1907. 2. Mary Thompson deposits $5.00 in the American Savings Bank Jan. 1, 1908. March 1, 1908, she makes another deposit of $6. Find total amount in bank Jan. 1, 1908. 3. Frank makes the following deposits : Jan. 1, 1906, $10, Feb. 10, 1906, $15. Find total Jan. 1, 1907. Note. - Every boy or girl in school should be encouraged to keep a savings bank account, however small. 4. Find the interest July 1, 1907, on a deposit of $100 made July 1, 1906, at 4% interest, payable January 1 and July 1. 5. The total deposits of the pupils in a certain school Jan. 1, 1906, are $395.75. Find the amount of these deposits July 1, 1907, at 4% interest, dividends being payable each January 1 and July 1. 6. Henry's parents put $100 in a savings bank Jan. 1, 1907, at 4% interest, dividends payable each January 1 and July 1. Find the amount of this deposit July 1, 1909. 7. A newsboy put $50 in a savings bank Jan. 1, 1906, and $50 the first of each January and July following. Find the amount in bank July 2, 1908, at 4% interest, dividends payable each January 1 and July 1. 8. The Jackson Street school has in the savings bank $508.70 Jan. 1, 1907, and makes a deposit April 1, 1907, of $230.50. Find the amount of these two deposits July 1, 1908, at 4% interest, dividends payable January 1 and July 1. 9. A school teacher places $30 in a savings bank the first of each month beginning with October and ending with July 1. Find the amount in bank after the last deposit, at 4% interest, dividends payable January 1 and July 1. REVIEW OF PERCENTAGE AND INTEREST 1. A boy has $ 30 in a savings bank and deposits a sum equal to 10% more. What is his total deposit ? 2. Mr. James's salary is $ 1200 per year and he saves 331% of it. How much does he spend ? 3. Hats that cost $36 per dozen are sold at $2 apiece. Find the loss per cent. 4. My deposit in the bank on Thursday was $ 80; on Saturday my balance was $50. What per cent of my money did I draw out ? 5. A boy spends $8 for an overcoat and 371 % of that sum for shoes. How much does he spend for shoes ? 6. In a school of 45 pupils, 333 % of the pupils are boys. What is the number of girls ? 7. My deposit January 1 in the savings bank is $25. What is the interest on it one year later at 4% interest, dividends payable the first of each January and July? 8. Find 25% of .05; of .5; of 5.5; of .25. 9. John earns $50 during his vacation and Margaret 25 % as much as John. How much does Margaret earn? 10. If a man spends one fourth of his salary for board and clothes, what per cent of his salary does he save ? 11. What per cent of $ 80 is $ 60 ? 12. A man buys a horse for $ 80 and sells it for $ 100. Find the per cent gained. 13. A house is insured for $1200, and the insurance company agrees to pay $120 for damage done to it by fire; what per cent of the total insurance is paid ? 14. A fariner sold a horse that cost him $ 80 at a loss of 20%. Find the selling price. 15. What is the interest of $ 150 for 21 years at 6 % ? 16. It cost $ 2.50 to repair my watch valued at $ 20. What per cent of the value did I pay for repairs ? 17. Find the interest on $ 100 for 60 days at 5%. 18. My father borrows $ 75 from his neighbor and promises to pay it in 4 months at 6%. Find the amount my father must pay at the end of four months. 19. A huckster buys eggs at $.20 per dozen. For how much per dozen must he sell them to gain 20%? 20. If I borrow $50 from Mr. James for 6 months at 6%, how much interest must I pay him? 21. A grocer sold flour last week at $1.20 per sack and this week at 10% advance on last week's selling price. Find the price of flour per sack this week. 22. A huckster buys 150 dozen eggs at $.20 per dozen and sells them to a merchant at a gain of 25%. The merchant sells them at a gain of 20%. How much does the merchant receive for the eggs? 23. If I buy cloth at $1.50 a yard, for how much must I sell it to gain 33} % ? 24. A man sold a horse for $120 that cost him $150. What % did he gain or lose ? 25. A boy deposits $50 the first of each year in a savings bank that pays 4% interest, payable the first of each January and July. What will be the total amount in bank after he has made two deposits ? |