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WRITTEN EXERCISES. 1. My expenses for 1876 were $2500, which is 25% more than my expenses for 1875; what were my expenses for 1875?
2. Find the cost of a carriage sold for $390, at a gain of 30%?
3. What % of 25 rods is 343 yards ?
4. A yard-stick has worn 1 of an inch too short; what % of a yard is it too short?
5. 11 per cent. of a merchant's capital is 121 % more than $480; what is his capital ?
6. The rent of a store is $320 per month, which is 11 of 10% of the cost of the building; what is the cost of the building?
7. Two merchants began business with $3600 each; one gained 66%, and the other 75%; what amount was gained by each?
8. From a piece of cloth containing 45 yards there were sold two suits of 15 yards each; what per cent. of the cloth remained ?
9. A farmer owns 120 sheep, which is 15% of the number owned by his neighbor; how many have they both?
10. There were 72 pupils in school on Monday, which was 80% of the attendance on Tuesday, and 90% of the attendance on Wednesday; what was the attendance on Tuesday and Wednesday?
11. In a school of 100 pupils, 28 % remained at home on Monday, 10% on Tuesday, and 20% on Wednesday; what was the attendance for each day?
12. What sum of money increased by 40% of itself cquals $735?
APPLICATIONS OF PERCENTAGE. The principles of percentage are applied to two general classes of problems:
1st. Those in which time is not considered; as, Profit and Loss, Commission and Brokerage, etc.
2d. Those in which time enters into the calculation; as, Interest, Discount, Banking, etc.
A knowledge of the rules of percentage already given is sufficient to enable the pupil to solve all those problems in which time is not an element.
PROFIT AND LOSS. Profit and Loss are terms applied to gains or losses in business transactions, and are generally reckoned at a certain per cent. on the cost.
ORAL EXERCISES. 1. A watch costing $40 was sold at a gain of 10%; what was the gain, and what was the selling price?
ANALYSIS.—10% of $40= $4, gain. $40+ $4=$44, or the selling price.
2. A cow costing $75 was sold at a loss of 331 %; for how much was she sold?
3. For what must I sell hay, bought at $16 per ton, in order to gain 121 %?
4. A carriage costing $150 sold for $120; what was the loss per cent. ?
5. I buy cloth at $4 per yard, and sell it at $5 per yard; what % do I gain?
6. I sell goods for $12, that cost $6; what per cent. do I gain?
7. A carriage sold for $30 more than it cost, which was a gain of 10%; what was the cost?
8. I lose 5% by selling tea for 5 cents per lb. less than it cost me; what was the cost?
9. Sold a house at a gain of $500, clearing 25%; what did the house cost me?
10. Sold a house for $2500, and thereby gained 25%; what was the cost of the house?
11. Sold wheat at $1.60 per bushel, and thereby lost 20%; what was the cost?
12. A farmer bought a horse and carriage at auction, and sold them again for $315, thus gaining 5%; what did they cost him?
WRITTEN EXERCISES. 1. A farm costing $9650.75, was sold at a gain of 124%; what was the gain, and what did the farm sell for?
2. Had $1150.60 worth of goods damaged by water, so that I sold them at a loss of 15%; what did I get for them?
3. Bought a pair of horses at public sale for $275, and sold them immediately for $325; what % did I gain?
4. Sold goods for $90, which was of their cost; what % did I lose?
5. A dealer sold a quantity of flour at a profit of $315, and thus gained 8%; what did the flour cost him?
6. A merchant's outstanding accounts amount to $1148.37; if he loses 8% of that sum in collecting, how much does he receive?
1. Bought milk for 30 cents per gallon, and sold it at 121 cents per qt.; what % did I gain?
8. Sold two houses for $4000 each; on one I gained 25%, and on the other I lost 25%; what did they both cost me?
9. Sold a horse for $240, and thereby lost 20%; for what should I have sold him in order to gain 20%?
10. At what price must a coat, costing $18, be marked in order to fall 10% and yet gain 10%?
ANALYSIS.—10% of $18= $1.80. $18 + $1.80 = $19.80 = selling price at 10% gain. Now, as this is a reduction of 10% from the asking price, it follows that $19.80 = 90% of the asking price.
11. At what price must I mark a watch that cost $240, so that I can deduct 4% from the asking price and yet make 20% profit?
COMMISSION AND BROKERAGE. Commission is a sum paid to a person who transacts business for another, being usually a certain percentage.
A Commission Merchant, or Agent, is one who buys or sells goods or transacts business for another.
A Broker is a person who buys and sells stocks, bills of credit, etc.; his percentage is called Brokerage.
The Net Proceeds of a sale is the amount remaining after the commission, expenses, etc. are deducted.
A Consignment is a quantity of merchandise sent to a commission merchant to be sold.
The Consignor is the person who sends the goods, and the Consignee is the person to whom the goods are sent.
ORAL EXERCISES. 1, An agent sold a set of maps for $20, on which he received 20% commission; what was the amount of his commission?
2. A collector received 25% commission for collecting a bill of $100; how much did he receive?
3. A dealer in real estate received $50 commission for selling a lot; what did he get for the lot, his commission being at the rate of 5%?
4. An auctioneer sold some household goods for $80, and returned $76 to the parties for whom he sold; what was the amount of his commission, and what rate % did he charge?
5. An agent selling books for $3 each, received $1 for every book he sold; what was the rate of commission?
6. A commission merchant sold a consignment of potatoes for $80; he charged 10% commission, and $2 for expenses; what were the net proceeds ?
WRITTEN EXERCISES. 1. A commission merchant sold 1200 bushels of wheat, at $1.40 per bushel, 500 bushels of corn, at 90 cents per bushel, and 600 bushels of oats, at 50 cents per bushel; what was his commission, at the rate of 31 %, and what were the net proceeds?
2. If I charge 21 % for collecting $650, what amount must I pay over to my employer?
3. A commission merchant sold a consignment of grain for $1250.25; his commission was 21%, and charges for freight, cartage, etc., $84.55; what amount did the consignor receive?