26. What is the interest of £100 for a month, at 5 per

cent. per annum?

27. What principal will amount to £100 8s. 4d. in a month, at 5 per cent.?

28. Calculate the amount due on the following note, on the first day of January, 1853.

$100.

Burlington, Vt., March 1, 1852. On demand I promise to pay to the order of Jonathan Wheeler, one hundred dollars, with interest at 6 per cent. per annum, for value received. Tobias Cheney.

The following indorsements were on the above note: May 1, 1852, paid $20. Aug. 1, 1852, paid $30. Ans. $53'45.

Various rules have been established by different courts of law to prevent the compounding of interest where partial payments are made on notes. Probably, the most simple and exactly correct one is the following: "Find the amount of the note from the time it first began to bear interest till its final settlement; then find the amount of each several payment at the date of settlement, and subtract their sum from the amount of the note. The balance will show how much is due on the day of settlement."

29. Find the amount due on each of the following notes on the 1st day of January, 1853, after deducting the amount of partial payments agreeably to the above rule, and then find the sum of the whole.

$500.

Boston, Jan. 1, 1849.

For value received, I promise to pay to John Smith, or order, on demand, five hundred dollars, with interest at 6 per cent. A. B.

$125.

Indorsements: Jan. 1, 1850, received one hundred and twenty-five dollars. Jan. 1, 1851, received two hundred dollars. Jan. 1, 1852, received one hundred and fifty dollars. Boston, March 3, 1852. I promise to pay on demand to the order of John Smith, one hundred and twenty-five dollars, with interest at 6 per cent., for value received. C. D. Indorsements: June 14, 1852, received forty dollars. Oct. 1, 1852, received twenty-five dollars.

$352.

Boston, April 1, 1852.

We promise to pay on demand to the order of John Smith, three hundred and fifty-two dollars, with interest at 6 per cent., for value received. E. F. & Co. Indorsements: May 1, 1852, received one hundred dollars. May 15, 1852, received fifty dollars. Oct. 1, 1852, received twenty dollars.

$750.

Boston, Feb. 14, 1852. On demand I promise to pay to John Smith or order, seven hundred and fifty dollars, with interest at 6 per cent., for value received.

G. H. Indorsements, July 4, 1852, received two hundred dollars. Sept. 1, 1852, received three hundred dollars.

$150. Boston, Jan. 1, 1852. On demand I promise to pay to John Smith or order, one hundred and fifty dollars, with interest at 6 per cent., for value received.

Indorsement: May 1, 1852, received fifty dollars.

J. K.

$250. Boston, May 4, 1852. On demand, I promise to pay to the order of John Smith, two hundred and fifty dollars, with interest, at 6 per cent., for value received. L. M. Indorsements: Oct. 1, 1852, received thirty-seven dollars and fifty cents. Nov. 1, 1852, received twenty-five dollars.

Total amount of the above six notes, $926'736.

30. What is the discount on a note for $500, drawn this day, payable 60 days after date, at 6 per cent. per annum?

Three days of grace are allowed by law for the payment of notes; that is, a note drawn at 60 days is not considered payable for 63 days, and banks charge discount for one day more; that is, they charge for the day on which the note is payable as well as for that on which it is drawn.

31. How much does a bank allow for a note for $200, payable in 60 days, at 6 per cent.? Ans. $197.86.

32. How much is the bank discount for a note of $650, payable in 90 days, at 6 per cent.? Ans. $10.18.

33. A note for $2500 was discounted in bank at 6 per cent. payable in 90 days with grace. How much money did the owner receive for it? Ans. $2460 83. 34. Find the interest of $240 for 5 years, at 44 per cent.

35. In what time will $240 amount to $294 at 4 per cent. per annum?

36. At what rate will $240 amount to $294 in 5 years? 37. What sum of money will amount to $294 in 5 years, at 4 per cent. per annum?

38. A father, at the birth of his son, lent a brother $100, to be paid to his boy with simple interest at 6 per cent., on the boy's attaining his majority. What would be the amount? 39. What sum would amount to $226 in 21 years, at 6 cent. per annum?

per

40. What is the interest of 125 francs for a year, at 41 per cent. per annum ?

41. In what time will 125 francs amount to 130g francs, at 41 per cent. per annum?

42. What is the interest of 225 ducats for 6 months, at 4 per cent. per annum ?

43. At what rate per cent. will 225 ducats amount to 2291 ducats in 6 months?

44. Sold to John Thomas the following goods at cash prices, under an agreement that he is to pay interest on all sums due from the delivery of the goods until paid, viz., Jan. 1, $1275; March 1, he paid $600, and bought $100 worth of goods; April 1, he paid $500; May 1, he paid $1000, and bought to the amount of $800; July 1, he paid $400; Sept. 1, he bought goods amounting to $1500, and paid $800. On the first day of January following he called to settle. How much was then due, charging interest at 6 per cent.? Ans. $398.

45. In how many years will a sum of money double itself (that is, $100 produce $100 of interest), at 6 per cent. per annum ? Ans. 16 years.

46. A commission merchant sold goods to the amount of $5650, for which he charged a commission of 21 per cent. What was the amount of his profit on the sale?

5650

= 2호 100 Ans. $141.25.

47. How much is the commission of $725, at 3 per cent.? 48. What amount of goods must be sold to produce a commission of $21.75 at 3 per cent.?

49. How much per cent. does a commission merchant charge, if his commission amounts to $21.75 on $725 ?

50. A lady, who had $360 in a savings-bank wished to draw

out 5 per cent. of her deposit. her draft?

What would be the amount of

51. If 5 per cent. of a deposit in a savings-bank was $18, what was the whole amount?

52. A lady, who had $360 in a savings-bank, drew out $18. How much was that per cent.?

53. What is 6 per cent. of $963 ?

54. $64 20 is how much per cent. of $963? 55. $64 20 is 63 per cent. of how much?

56. How much is 15 per cent. of $730'24?

57. $109 536 is how much per cent. of $730'24 ? 58. $109-536 is 15 per cent. of how much?

59. A man insured some property in a mutual insurance office to the amount of $6000, for which he gave a note for 4 per cent. of the amount insured. What was the amount of the note?

60. A man insured his property for 4 per cent., for which he gave a note for $240. What was the amount insured?

61. If the insurance on my household furniture, at 3 of 1 per cent. for a year, amounts to $562, what is the furniture valued at?

62. How much is the annual insurance on my household furniture, valued at $1500, at 3 of 1 per cent. per annum? 63. How much is the annual insurance on property to the amount of $7500 at 1⁄2 of 1 per cent. per annum ?

64. How much property would be covered by an insurance for which $3750 was paid, at the rate of of 1 per cent.?

65. A merchant failing, found that he owed $40,000, and that he had goods to the value of $10,000, a house valued at $4000, cash $2500, and good debts $3500. How much per cent. could he pay to his creditors?

66. On taking an account of his property a merchant found it amounted to $20,000, which was only 50 per cent. of what he owed. How much did he owe?

67. A bankrupt owes A $204.50, B $65, C $150, D $427-50, E $1500, and numerous small debts to the amount of $1653. His whole property only amounted to $3000, which was distributed among his creditors in proportion to their demands. How much per cent. did he pay, and how much did

each creditor receive?

68. The estate of a bankrupt, when divided among his creditors, amounted to 75 per cent. of their demands, which

amounted in the whole to $4000. How much did the estate prove to be worth?

69. A farmer in Vermont insured his property in a mutual insurance company, as follows, viz., on his dwelling-house and woodshed attached $2000; on household furniture and clothing therein $350; plate and books $50; provisions and produce in his house $80; piano-forte $150; new barn and shed $200; produce therein $150; old barn and cider-house $90; produce and cider-mill in same $60; corn-barn $30; produce therein $50; farm-house and woodshed $200. To effect this insurance the farmer gave a note without interest at the rate of 41 per cent. on the amount insured, and paid 3 per cent. of the amount of the note in cash, together with 50 cents for the policy. Three years afterwards he was called on for an assessment of 4 per cent. on the face of the note (without reference to what had been paid). Three months afterwards the whole property was destroyed by fire, and the farmer was paid the full amount for which it was insured. How much did he save by effecting this insurance, allowing interest at 6 per cent. per annum on his payments? Ans. $3397 68.

70. I bought 10 shares of stock, at $50 per share, for which I paid 6 per cent. advance ($53 per share). Afterwards the stock fell to 10 per cent. below par. How much did I lose by the fall? Ans. $80.

71. À man subscribed for 50 shares of bank stock, at $50 per share. He sold half of them at 6 per cent. advance, and some time afterwards sold the rest at 10 per cent. below par. Did he lose or gain by the transaction, and how much?

Ans. He lost $50.

72. A merchant bought goods to the amount of $3500, and sold them at a profit of 15 per cent. What was his whole gain?

73. Upon the sale of goods to the amount of $3500, a merchant made a profit of $525. How much did he gain per cent.?

74. A merchant purchased 150 barrels of flour at $5 per barrel, and paid 25 cents a barrel for transportation. An accident happened to the flour, which caused him to lose 5 per cent. on the transaction. What was the amount of his loss?

75. A dealer in flour sold 150 barrels for $748'121, by which he lost $39 37. How much did he lose per cent.?

76. A flour dealer bought in one day the following lots of