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45. A young man, who had 94 dollars deposited in the Savings Bank, drew out 25 dollars. What per cent. of his deposite did he draw out ?

We perceive, that the sum 94)25.00.265=2624 he drew out, was of the sum

188 he had deposited: and, since the rate per cent. of any sum

620 . is a certain number of hun

564 dredths of that sum, the ques

56 tion to be solved is— How many hundredths is 25ninety-fourths ?- To solve this question, we change 25 to a decimal; restricting the decimal to hundredths; that is, carrying the quotient no further than two places. Any remainder which might allow the 'quotient to be carried further, may, in cases like this, be expressed in a vulgar fraction.

. Ans. 2624 per cent. 46. A man, who was owing a debt of 240 dollars, has paid 32 dollars of it. What per cent. of the debt has he

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paid ?

47. A merchant gave his note for 235 dollars, and soon after paid 110 dollars of the sum. What per cent. did he pay; and what per cent. still remained due ?

49. If the cloth for a coat cost 12 dollars, and the making 7 dollars, what per cent. of the whole expense is the making ?

49. What per cent. of 100 dollars is 6 dollars ? ,
50. What per cent. of $23.50 is $ 1.10 ?
51. What per cent. of $ 94.12 is $4.42 ?
52. What per cent. of $ 57.09 is 32 cents ?
53. What per cent. of $ 10.10 is 7 cents ?
54. What per cent. of $48.11 is 99 cents ?
55. What per cent. of $75 is $4.18 ?

To find the value of a rate per cent. on any sum of English money,— First, change the lower denominations of money in the sum, to a decimal of the highest denomination; and then proceed to multiply by the rate, as if the sum were dollars and cents. The whole number in the product will be of the same denomination of money with the whole number in the multiplicand; and the

decimal in the product must be changed to the lower denominations.

56. An English gentleman took passage from Liverpool to Boston, in the ship Dover, having £672 12s. 4d. He paid 5 per cent. of his funds for his passage. How much did he pay ?

121 4.
20 12.333+ 20
672.616+. 12.6160
.05

12
33.63080 7.3920

.6308

-3.680 Ans. £3312s.70.3qr. + 57. What is 8 per cent. of £47 18s. 7 d. ? 58. What is 3 per cent. of £9 14 s. 3qr.? 59. What is 16 per cent. of £22 16s.? 60. What is 25 per cent, of 19 s. 8d. 2 qr.? 61. What is 6 per cent. of £2584? 62. What is 50 per cent. of 18s. 10 d. 2 qr. ? 63. What is 41 per cent. of £ 214 15 s. 10 d.?

COMMISSION.

COMMISSION is the compensation made to factors and brokers for their services in buying or selling. It is "reckoned at so much per cent. on the money employed in the transaction.

64. What is the commission on £500 at 2 per cent."

65. Suppose I allow my correspondent a commission of 2 per cent., what is his demand on the disbursement of £ 369 ?

66. If I allow my factor a commission of 3 per cent. for disbursing £748 11 s. 8 d. on my account, what does his commission amount to?

67. How much does a broker receive on a sale of stocks amounting to 52648 dollars, allowing his commission to be 1 of 1 per cent.?

68. What is the amount of commission on 395 dollars 75 cents, at 31 per cent. ? • 69. A commission merchant sold goods to the amount of 6910 dollars and 80 cents, upon which he charged a commission of 2 i per cent. How much money had he to pay over to his employer ?

70. Sold 94 tons, 17 cwt. 3qr. of iron, at 96 dollars a ton, at a commission of 22 per cent. on the sale. What did my commission amount to ? How much had I to pay over?

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STOCKS. Stock is a property, consisting in shares of some establishment, designed to yield an income. It includes government securites, shares in incorporated banks, insurance offices, factories, canals, rail-roads, &c.

The nominal value, or par value of a share, is what it originally cost; and the real value, at any time, is the sum for which it will sell. When it will sell for more than it originally cost, it is said to be above par, and the excess is stated at so much per cent. advance. When its real value is less than the original cost, it is said to be below par, and is sold at a discount.

71. Sold 10 shares in the Commonwealth Insurance Company, at 5 per cent. advance, the par value of a share being 100 dollars. How much did I receive ?

72. Bought 15 shares in the Boston Bank, at of 1 per cent. advance, the par value being 50 dollars a share. How much did I give for them?

73. Sold 64 shares in the State Bank, at 11 per cent. advance, the par value being 60 dollars a share. How much did I receive for them?

74. Sold 9000 dollars United States 5 per cent. stock, ' at an advance of 74 per cent. What was the amount of the sale ?

75. Sold 18 shares in an insurance office, at 13 per cent. discount, the par value being 100 dollars a share. How much did they come to ?

,76 Bought 16 shares in the Massachusetts Bank, at 11 per cent. advance, the par value being 250 dollars a share. What was the amount of the purchase? .

77. Bought 54 shares in the New York City Bank, at 7 per cent. advance, the par value being 100 dollars a share. How much did they cost me ?

78. I directed a broker to purchase 25 shares of railroad stock, at a discount of 13 per cent. the par value being $ 100 per share. Allowing the broker's commission to be per cent., what will the whole cost me?

79. What will 16 shares in the Philadelphia Bank cost; the par value being $ 100 per share, the price being 31 per cent. above par, and the broker charging a commission of per cent. ?

* INSURANCE. INSURANCE is security given, to restore the value of ships, houses, goods, &c., which may be lost by the perils of the sea, or by fire, &c. The security is given in consideration of a premium paid by the owner of the property insured.

The premium is always a certain per cent. on the value of the property insured, and is paid at the time the insurance is effected.

The written instrument, which is the evidence of the contract of indemnity, is called a policy.

80. What is the amount of premium for insuring 19416 dollars at 2į per cent. ?

81. I effected an insurance of 3460 dollars on my dwelling house for one year at of. 1 per cent. What did the premium amount to?

82. If you obtain an insurance on your stock of goods valued at 7325 dollars, at 1 of 1 per cent. what will the premium amount to?

83. If you should take out a policy of 3168 dollars, on your store and goods, at a prernium of 41 cénts on a hundred dollars, what would be the amount of premium ?

84. An insurance of 18000 dollars was effected or

the ship Sturdy, on her last voyage from Boston to Calcutta, at a premium of 3 per cent. out and home. What did the premium amount to ? · 85. An insurance of 3500 dollars on stock in a cotton factory was effected at 31 per cent. for one year. What was the amount of premium ?

86. A gentleman procured an insurance for one year on his house valued in the policy at 8756 dollars, and on his furniture valued at 2139 dollars, at a premium of 39 cents on a hundred dollars. How much did the premium amount to?

XV.

INTEREST. : INTEREST is a premium paid for the use of money.

It is computed by percentage; a certain per cent. on the money being paid for its use, for a stated time.

The money on which interest is paid, is called the Principal. The per cent. paid, is called the Rate. The principal and interest added together, are called the Amount.

When a rate per cent. is stated without the mention of any term of time, the time is understood to be 1 year.

The rate of interest is regulated by state laws, and is not uniform in all the states. We shall, however, first treat of 6 per cent. per annum, as this is the rate most commonly paid.

As interest is always expressed by some rate per cent., the most convenient way of computing it is, to find the decimal expression of the rate for the time, and multiply the principal by this decimal: the product is the interest. Thus, if the rate for 1 year be 6 per cent. or .06, for 2 years it is 12 per cent. or.12, for 3 years it is 18 per cent. or .18, and so on. The interest of 24 dollars for 3 years, at 6 per cent. a year, is found thus, 24 X.18= $4.32, the interest sought.

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