EXAMPLES. 1. Reduce £96 New-York currency money Ans. $240. £ Dem. It is plain, if we reduce the given sum, 96 and a dollar, to the same denomination, and divide 20 by the number of shillings in a dollar, the quotient will be the answer, because it shows how often 8)1920 8š. or 1 dollar can be subtracted from the given sum, and so on, when it is reduced to the inferiour $ 240 Ans. denomination. 2. Reduce £109 3s. 80. New England currency to federal money. Ans. $363,94cts. 4 mills. £. d. brought up. 284 216 680 648 $1=72d. 72)26204(363,94,4 320 288 288 carried up. Note.-A dollar in New England is the same as a dollar in New York, but, a shilling or a pound in New England is more than a shil. ling or pound in New-York; four shillings and 6d. are a dollar in England, consequently a shilling in England is more than a shilling in New-York, and £1 in England more than a pound in New-York. 3. Reduce £103 New-York currency to federal money. Ans. $257,50cts.. 4. Reduce £103 New England currency to federal money. Ans. $343,33cts. 3 mills. 5. Reduce £127 10s. 5d. New England currency to federal money. Ans. $425,06cts. 9 mills. 6. "Change £104 12s. New-York currency to federal Ans. $261,50cts. money: 7. Change £380 New-York currency to federal money. Ans. $950. 8. Change £37 10s. Pennsylvania currency to federal Ans. $100. money. 9. 'Reduce £125 5s. Pennsylvania currency, to federal money. Ans. $334. 320 32 10. Reduce £73 16s. 4d. Georgia currency to federal money. Ans. $316,35cts. 7 mills. 11. How many dollars are equal to £44 1s. 4d: Georgia currency? Ans. $188,85cts. 7 mills. 12. How many dollars are equal to £35 6s, Georgia currency? Ans. $151,28cts. 5m. 13. Reduce £5 9s. Od. 1 farthing English currency to federal money. Ans. $24,22cts. 6m. 14. Change £22 10s. English or Sterling money to federal money. Ans. $100. 15. Change £5 6s. 6d. Iqr. Canada currency to federal money. Ans. $21,30cts. 4m. 16. How many dollars are equal to £270 175. 6d. Canada currency: Ans. $1083,50cts. 17. Change £25 Canada, currency to federal money. Ans. $100. To.change Federal Money to the currency of each State. RULE.—Multiply the given sum in cents, by the number of pence in a dollar, and cut off two figures to the right of the product; those at the left hand, will be the answer in pence; and if the figures thus cut off at the right hand, be multiplied by 4, and two figures again cut off, those at the left hand will be farthings. EXAMPLES 1. Change $135,50 cents, to New-York currency. cts. Ans. £54 4s. 135,50 Dem. It is plain, that every hundred 96 cents in New-York currency, must be 81300 diminished, four in number to change 121950 them into pence, because 96 pence are equal to 100 cents; and multiplying by 12)13008,00 96, and cutting off two of the right hand 210)10814 figures, lessens the given number 4 on Ans. £54 4s. every 100, though it retains the same value; cutting off two figures is divi. ding the product by 100. NOTE.- When there are mills in the given sum, multiply the same as when the given sum is in dollars and cents, and cut off three figures at the right for a decimal; then proceed exactly as in the first and second examples. 2. Change 155 dollars, 9 cents, to New England currency Ans. £46 10s. 6. 2qr. nearly. $1 5 5,09 7 2 3 1 018 10 8 5 6 3 12) 11 16 6,48 4 20)9 310 6d. 1,92 Ans. £46 10s. 6d. 1,92far. ,48 3. Reduce 116 dollars, 31cts. 7 m. to New York, currency Ans. £46 10s. 6 d. 4. Reduce $120,25cts. 15 mills to New-York curs: rency: Ans. £48 12s. Od. 2qrs. nearly. 5. Reduce ,75cts. to New-York currency. Ans. 6s. 6. Reduce ,75 cents, to New England currency. Ans. 4$. 6d. 7. Reduce $720 to New England currency. Ans. £216, 8. Reduce 8701,34cts. to Pennsylvania currency. Ans. £263 Os. Od. 2qrs. 9. Reduce $525,40cts. to Georgia currency. Ans. £122 11s. 10d. lqr. 10. Reduce $80,43cts. to English or Sterling money. ns. £18 1s. 11d.. 11. Reduce 1918 dollars, 50ets. to Canada currency. Ans. £749 12s. 6d." 12. Reduce 86 dollars, 25cts. to New England currency. Ans. £25 17s. 6d. 13. Reduce 820 dollars, to New-York currency. Ans. £328. PROMISCUOUS QUESTIONS. 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 48, 5. Reduce 6 d. Pennsylvania currency to federal money, Ans. 7cts. 5 mills. 6. Reduce 7ets. 5 mills, to Pennsylvania currency. Ans. 6 d. 7. Reduce £251 12s., New York currency, to federal money. Ans. $629. 8. Reduce 629 dollars to New York currency. Ans. £251 12s. 9. Reduce £527 12$. 6d., Canada currency, to federal money. Ans. $2114,50 cts. 10. Reduce $2110,50cts. to Canada currency. Ans. £527 12s. 6d. QUESTIONS On Reduction of Currencies. What is reduction of currencies ? A. Changing the money or currency of one ståtę 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 3, 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? Ą. Reduce the given sum to pence, and divide by 96, and the quotient will be the answer in Fe. deral 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 Georgia ? A. 4s. 8d. How mary a dollar in Pennsylvania ? A. 7s. 6d. How many a dollar in England ? A. 4s. 6d. How many a dollar in Canada ? A. 5s. How much then is a shilling in Canada currency equal to in New York? A. 20 cents; but i dollar in New York is equal 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. ent states. 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 or for a longer or shorter time. Five per cent is what is allowed in England. The courts of the United States allow interest according to the law of the state where the suit was commenced, Per gent, 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 differ 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 naiural 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 ? per cent? Ans. 14 dollars. $200 DÈM.-We multiply the principal, 200 dollars, by 7 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 be the same. |