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5. Reduce ,75cts. to New York currency. Ans. 6s. 6. Reduce,75 cents, to New England currency.

7. Reduce $720, to New England currency.

Ans. 4s. 6d.

Ans. £216.

8. Reduce $701,34cts. to Pennsylvania currency.

Ans. £263 0s. Od. 2qrs.

9. Reduce $525,40 cents, to Georgia currency.

Ans. £122 11s. 10d. 1qr.

10. Reduce $80,43cts. to English or Sterling money.

Ans. £18 1s. 11d.

11. Reduce 1918 dollars, 50cts. to Canada currency.

Ans. £479 12s. 6d.

12. Reduce 86 dollars, 25cts. to New England currency.

Ans. £25 17s. 6d.

13. Reduce 820 dollars, to New York currency.

PROMISCUOUS QUESTIONS.

Ans. £328.

1. Change £120 2s. New York currency, to federal

money.

Ans. $300,25cts.

2. Change £120 2s. New England currency, to federal money. Ans. $400,33 cts. 3. Reduce £205 4s. New England currency to federal money. Ans. $684. 4. Reduce 684 dollars, to New England currency.

Ans. £205 4s.

5. Reduce 63d. Pennsylvania currency to federal money.

Ans. 7cts. 5 mills.

6. Reduce 7cts. 5 mills, to Pennsylvania currency.

Ans. 63d.

7. Reduce £251 12s. New York currency, to federal

money.

Ans. $629.

8. Reduce 629 dollars, to New York currency.

Ans. £251 12s.

9. Reduce £528 12s. 6d. Canada currency, to federal

money.

Ans. $2114,50cts.

10. Reduce $2110,50cts, to Canada currency.

QUESTIONS

Ans. £527 12s. 6d.

On Reduction of Currencies.

What is reduction of currencies? A. Changing the money or currency of one state or country to that of another. How do you reduce the currency of the several states to federal money? A. Divide the given sum, reduced to shillings, to sixpences, or to pence, by the number of shillings, sixpences, or pence in a dollar, as it is reckoned in each state. How would you reduce pounds, N. Y. currency, to Federal Money! A. Multiply the pounds by 20, and divide the product by 8, the number of shillings in a dollar. How do you reduce pounds, N. E. currency to Federal Money? A. Multiply the pounds by 20, and divide the product by 6, the number of shillings in a dollar in New England. Where the given sum is in pounds, shillings and pence, N. Y. currency, how do you reduce it to Federal Money? A. Reduce the given sum to pence, and divide by 96, and the quotient will be the answer in Federal Money. How do you reduce Federal Money to the currency of each state? A. Multiply the given sum in cents by the number of pence in a dollar, and cut off two figures from the right hand of the product, and the figures at the left hand will be the answer in pence; and if the figures at the right be multiplied by 4, and cut off as before, the figure at the left, will be farthings. If there are mills in the given sum, how many figures must be cut off? A. Three, at the right hand. After you have obtained the answer in pence, how do you proceed to get it in pounds? A. By reduction ascending; dividing by twelve and by twenty. How many shillings make a dollar in N. Y.? A. 8s. How many a dollar in N. E.? A. 6s. How many a dollar in Geor gia? A. 4s. 8d. How many a dollar in Pennsylvania? A. 7s. 6d.How many a dollar in England? A. 4s. 6d. How many a dollar in Canada? A. 58. How much then is a shilling in Canada Currency equal to in New York? A. 20 cents; but 1 dollar in New York is equat to 1 dollar in Canada,

INTEREST.

INTEREST is a certain per cent allowed for the use or forbearance. of money. The money lent or forborne is called the principal. The rate is the per cent agreed on between the parties, or what is established by law. The amount is the sum of the principal and interest added. Interest is of two kinds, simple and compound.

SIMPLE INTEREST,

Is that which is allowed on the principal only. And the principles of the rule are equally applicable to Commission, Brokerage, Ensurance, purchasing Stocks, Duties, or any thing else, rated at a certain per cent.

In the New England states, the law allows the lender to take 6 per cent from the borrower, for the use of money, that is, 6 cents for the use of 100 cents, or $6 for the use or forbearance of $100 per year. In New York, the per cent established by law is 7, that is, 7 cents for the use of 100 cents for the term of one year, or 7 dollars for the use of 100 dollars for one year, and in like proportion for a greater or less sum of for a longer or shorter time. Five per cent, is what allowed in Eng

fand.

The courts of the United States, allow interest according to the law of the state where the suit was commenced. Per cent or per centum, signifies so much by the hundred, or for the use of a hundred.

NOTE.-Legal or lawful interest is that which is allowed by the laws of the state, and is different under different governments, and in different states. The lender is not permitted to receive a greater per cent than is allowed by the laws of his state.

RULE.-Multiply the principal by the rate per cent, and divide the product by 100; but to divide by 100, you need only remove the separatrix two figures from its natural place towards the left hand, and you will have the interest for one year.

EXAMPLES.

1. What is the interest of 200 dollars for one year, at 7 per cent ? Ans. 14 dollars. $200 DEM. We multiply the principal, 200 dollars, by 7 dollars, the interest of one hundred dollars; consequently our product must be 100 times too much, and for that $14,00 reason the product is divided by 100 for the true interest. This will appear plain to the learner; when he is informed, that interest is only an application of two rules which he already understands, that is, multiplication and division; for the interest of one dollar, or 100 dollars, is always given to obtain the interest of some other sum; then it is plain, by the rules laid down in multiplication, if we multiply the interest of one dollar by the number of dollars, our product must be the interest of the whole number of dollars, as the following work shows.

,07 cts. the interest of $1, for 1 year.

200 the number of dollars in the whole sum.

$14,00 the interest of 200 dollars,

Now it must appear evident, that the interest of $200, is 200 times as much as the interest of $1, and multiplying 7 cents, the interest of 1 dollar by 200, it is plain that our product is two hundred times as much as our multiplicand. And it is also plain, that it can make no difference whether we multiply 200 dollars, by 7 cents or 7 cents by 200 dollars, the result must the same.

2. What is the interest of 2 dollars for one year at 7 per Ans. 14 cents.

cent?

$2
7

Ans, ,14 cents.

DEM. For convenience of the operation, we generally multiply the sum by the interest of 100 dollars for one year, and consequently produce a product 100 times too much; for our multiplier is 100 times greater than when we multiply by 7 cents, and our product being 100 times too great, we take one hundredth part by removing the decimal point two figures further to the left than its usual place, which is dividing the product by 100, for our true answer. Or the student may, if he choose, consider the multiplier to be 7 cents, that is, ,07 of a dollar; he will then discover that we point off two figures further to the left than the usual place of pointing off decimals, because the multiplier is, in fact, 7 cents, or 7 hundredths of a dollar instead of 7 dollars, and may properly be considered as a contraction for the expression,07. The same must be produced if we multiply the interest of $1, by the number of dollars, thus :

,07 cents.

2

,14 the answer as before.

It is plain, if a man receives 7 cents for the use of $1, for a year, he should receive 14cts. for the use of $2; 21 cents for $3, and 28 cents for $4, and so on.

3. What is the interest of $5 for one year, at 7

per cent? Ans. ,35cts.

4. What is the interest of $6 for one year, at 7 per cent? Ans. ,42cts.

5. What is the interest of $20 for one year at 7 per cent? Ans. $1,40cts. 6. What is the interest of $55 for 1 year, at 7 per cent? Ans. $3,85cts. 7. What is the interest on $300 for 1 year at 7 per cent ? Ans. $21. 8. What is the interest of $300 for 2 years, at 7 per

cent?

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Ans. $42.

DEM. First, it is plain, if $100 gain for the lender 7 dollars, that 300 dollars must $21 in the same time, because $300 dollars must gain the lender three times as much as $100, and three times 7 are 21, that is $21,

for one year. It is likewise evident, that 2 years must produce twice the interest of 1 year, and twice $21 are $42, the interest of $300 for two years. Then we may draw from this, the following rule:"

RULE.-Multiply the interest of one year by the number of years, and the product will be the interest for the whole number of years, because if the interest of 100 dollars for one year, is $7, for two years it must be 14 dollars, and for three years, 21 dollars, and if 7 dollars be multiplied by two years, the product will be 14 dollars, and if multiplied by three years, the product will be 21 dollars.

9. What is the interest of 400 dollars for three years at 7 per cent? Ans. $84. 10. What must a man receive for the use of $500 for four years at 7 per cent?

$40

Ans. $140. 11. What is the interest of 40 dollars for two years, at 6 per cent? Ans. $4,80cts. Here, it will seem that the use of 100 dollars, is considered to be only worth 6 dollars, consequently the principle is the same as in the preceding examples; and whatever the per cent may be, we observe the same rule, to multiply by the rate per cent, and point off as the rule directs.

6

2,40

2

Ans. $4,80

12. What is the

for two years?

interest of $50,45 cents, at 6

per cent, Ans. $6,05cts. 4m. 13. What is the interest of $49,50 cents for three years, at 6 per cent?

Ans. $8,91 cents.

14. What is the interest of 350 dollars for two years, at 5 per cent ?

at 6

£ S.
d.
10 6X6

150

£ 9/03

3 0

Ans. $35. 15. What is the interest of £150 10s. 6d. for two years, per cent? Ans. £18 1s. 3d. DEM.-Here, we first multiply as in Compound Multiplication, because the given sum is in pounds, shillings and pence, and we divide the pounds by 100, because we have multiplied by the interest of £100 and consequently the product is 100 times too much, till we cut of the two right hand figures in pounds, which is dividing the product by 100. Whatever stands at the left of the line or mark which divides the product by 100, is units of the same kind of the units in the principal;

20

s. 0163

12

d. 7/56

4

gr. 2/24 Rem.

2 interest for one year.

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consequently it is pounds in this place. And then to obtain the excess of interest, we multiply as in

Reduction Descending, the figures cut off at the right, and adding to

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